– Signed a ‘MoU’ to advance the diversified and intelligent financial crime prevention system
– Increased stability of Shinhan Card’s abnormal symptom detection system ‘FDS’ by utilizing SKT’s ‘FAME’ solution
– Forming a joint consultative body between the two companies… We will do our best to protect customers by launching commercial services in the first half of next year.
SKT and Shinhan Card joined hands to prevent cyber financial crimes with cutting-edge AI technology.
SK Telecom (CEO Yoo Young-sang, www.sktelecom.com) announced on the 20th that it signed a business agreement (MoU) with Shinhan Card (CEO Moon Dong-kwon) to ‘prevent AI-based cyber financial crimes.’
The core of this business agreement is to advance the financial crime prevention system by utilizing the AI technology and security capabilities of both companies.
The goal is to provide customers with a safe financial transaction environment by combining SKT’s ‘FAME’ solution with Shinhan Card’s ‘FDS (Fraud Detection System)’, which detects abnormal signs during electronic financial transactions.
SKT’s ‘FAME (Fraud Detection AI for MNO & Enterprise)’ improves the stability of financial companies’ authentication systems and abnormal transaction detection systems with big data and AI technology that utilizes SK Telecom’s location and movement data and information on incoming and outgoing calls and text messages. You can add it.
For example, when use of a lost or stolen credit card is confirmed, automatic compensation determination is possible by comparing the customer’s location information with that of an approved merchant in real time with the customer’s consent. Previously, it was necessary for the credit card company to visit the customer in person or check by phone, but now customers can be compensated without any additional verification process.
Additionally, if you attempt to make multiple payments with the same credit card in a short period of time in remote places such as Seoul, Busan, or Daegu, you can more accurately check for abnormal transactions by cross-verifying the mobile phone location information.
If a customer has a history of calling a voice phishing number, card payments or bank transfers can be temporarily suspended and a warning alert can be sent to the customer.
Following the conclusion of the business agreement, the two companies will form a joint consultative body to select, inspect, and develop cooperative tasks, and plan to begin commercial services in the first half of next year.
Lee Gyu-sik, in charge of SKT’s AI Contact business, said, “We will actively use AI technology to reduce damage from cyber financial crimes such as smishing through cooperation with financial companies,” and added, “Based on this cooperation, we will focus the capabilities of both companies to protect customers.” “I will do my best,” he said.
SKT and Shinhan Card have recently announced their collaboration to prevent AI-based cyber financial crimes, using cutting-edge AI technology. The agreement aims to create a more secure environment for customers’ financial transactions by combining two companies’ capabilities in AI and security. Today, we have Mr. Lee Gyu-sik from SKT and Mr. Moon Dong-kwon from Shinhan Card with us to discuss this groundbreaking initiative in detail.
1. Introduction of Guests:
Mr. Lee Gyu-sik, in charge of SKT’s AI Contact business at SK Telecom (www.sktelecom.com), and Mr. Moon Dong-kwon, CEO of Shinhan Card (www.shinhancard.com).
2. Significance of this Collaboration:
Interviewer: Can you tell us more about the significance of this collaboration between SKT and Shinhan Card to prevent AI-based cyber financial crimes?
Mr. Lee: This collaboration is significant because it utilizes the unique strengths of both companies to create a more robust system that detects and prevents financial crimes using AI. SKT brings its expertise in big data and mobile communications, while Shinhan Card brings its deep understanding of the financial industry. Together, we can create a system that identifies suspicious behaviors and transactions in real-time, reducing the risk of fraud and protecting our customers’ assets.
Mr. Moon: Absolutely. One significant benefit of this collaboration is the utilization of location-based services provided by SKT. By combining this information with our FDS system, we can increase the accuracy of abnormal transaction detection and prevent potential financial losses. Additionally, SKT’s FAME solution will allow us to automate compensation processes for stolen or lost credit cards, saving time and effort for both the customer and the company.
3. Technological Advancements:
Interviewer: Could you explain how SKT’s FAME solution will be integrated into Shinhan Card’s FDS system?
Mr. Lee: SKT’s FAME solution collects and analyzes customer data from various sources such as location information, incoming and outgoing calls, and text messages. It uses this data to train machine learning models that can identify fraudulent behavior.
