KB Kookmin Bank has prevented about 150 billion won in financial fraud losses through the end of September this year by using an artificial intelligence-based fraud detection system (FDS) and strengthening cooperation with police. It is also continuing financial education for older people on voice phishing methods and how to respond.

KB Kookmin Bank said on Oct. 16 it held a financial fraud prevention campaign for older people on Oct. 15 with the National Police Agency at the Gangseo-gu Magok Senior Welfare Center in Seoul.

The campaign was held to coincide with the Financial Supervisory Service's period for joint, industry-wide intensive financial education for older people. It provided participants with guidance on major financial fraud methods and prevention tips, and introduced real-world victim scenarios and response methods through a voice phishing prevention play.

The voice phishing prevention play is a social contribution programme planned by the Senior Financial Education Council, a non-profit organisation under the Financial Services Commission, and sponsored by KB Kookmin Bank. It has been run at senior welfare facilities nationwide since 2022 and uses dance and song to convey types of financial fraud and ways to prevent them.

KB Kookmin Bank said it is upgrading its AI-based FDS alongside financial education and strengthening its cooperation system with police. It said it prevents financial fraud losses by detecting suspicious transactions early and quickly suspending payments from accounts.

The company said it blocked about 150 billion won in financial losses through such preventive measures through the end of September this year.

Oh Chang-bae (오창배), head of the National Police Agency's integrated response unit for telecommunications-based financial fraud, who attended the campaign that day, said, "Voice phishing damage is declining, but financial fraud methods are becoming increasingly sophisticated, so special caution is needed." He added, "If a suspicious situation arises, please consult the integrated response unit immediately."

Park Sun-hyun (박선현), executive vice president of KB Kookmin Bank's Consumer Protection Group, said, "We will continue our efforts to prevent financial fraud and protect financial consumers in cooperation with the National Police Agency."