LG Uplus, Woori Bank team up to spot voice phishing calls in real time

LG Uplus, a mobile carrier, has formed a partnership with Woori Bank to identify and flag real-time voice phishing calls. This collaboration aims to prevent fraudulent wire transfers while victims are still engaged in conversations with the scammers. Voice phishing, also known as vishing, involves callers impersonating authorities like prosecutors, police officers, or bank representatives to manipulate victims into sending money.

The service, called ixi-O, utilizes LG Uplus' AI-powered call application. When a suspicious call is detected, the app flags the call and shares risk information with Woori Bank. The bank then enhances its monitoring of the affected customer through its fraud detection system, which scrutinizes transactions for any unusual patterns. If a suspicious transaction occurs, the bank employs its internal procedures, such as implementing additional identity verification or notifying the customer, to take protective measures.

Traditionally, banks have focused their anti-phishing strategies on monitoring transaction data, like account transfers. However, this approach often fails to detect warning signs until the money has already been sent. The new system addresses this limitation by identifying potential threats in real-time. It specifically looks for signs such as whether a customer spoke with a number suspected of engaging in phishing activities or if the customer's phone has been infected with malware.

By working together, LG Uplus and Woori Bank aim to strengthen their collective defenses against voice phishing scams.