Woori Bank is working with the Financial Security Institute to identify potential security vulnerabilities in digital banking.

Woori Bank said on Sunday it will hold the sixth mock hacking competition, WooriCON, with the Financial Security Institute.

A total of 109 university and graduate students, forming 40 teams that passed a document screening, will take part. The competition will run for two weeks from Sept. 7 to 18.

Participants will compete in a bug bounty format by finding and reporting potential security vulnerabilities in digital banking services such as Woori Bank’s internet banking and WooriWON Banking.

Woori Bank will assess the significance of vulnerabilities found by each team and select four teams for a grand prize, top excellence award, excellence award and encouragement award. Total prize money is 4.6 million won.

Winners will also receive preferential treatment in document screening when applying for jobs at Woori Bank’s Tech division and the Financial Security Institute.

Seo Seung-yeon (서승연), head of the Information Security Department at Woori Bank, said AI-based cyberattacks are becoming more sophisticated. She said she hopes the competition will help the bank respond proactively to new types of cyberattacks and identify information security talent.