SKT and Shinhan Card sign a business agreement to prevent AI-based cyber financial crimes < IT/Electronics < Text of article

SK Telecom (CEO Young-sang Yoo) announced on the 20th that it signed a business agreement (MoU) with Shinhan Card (CEO Dong-kwon Moon) 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, the card company had to visit the customer in person or check by phone, but now customers can be compensated without additional verification.

Additionally, if you attempt to make multiple payments with the same credit card in a short period of time in a remote location 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. Based on this cooperation, we will focus the capabilities of both companies to protect customers.” “I will do my best,” he said.