Shinhan Financial Group said on Tuesday it prevented about 800 million won in losses in two weeks through a "one-stop" joint response service to voice phishing that links affiliates' fraud detection systems (FDS).

The service shares abnormal transaction information in real time across major affiliates, including banking, cards, securities and insurance. It aims to detect suspicious transactions early and respond jointly.

Shinhan Financial began full operation of the service on April 10 after it was designated an innovative financial service by the Financial Services Commission in September last year. Over about two weeks, it analysed 1,111 cases of suspicious information and detected 41 abnormal transactions.

Previously, under the Financial Holding Company Act, sharing customer information among affiliates was restricted to purposes such as internal management. This limited real-time information link-ups for responding to voice phishing.

Shinhan Financial integrated FDS operations that had been run by individual affiliates into a group-level system. It built a framework to comprehensively analyse transaction flows linked across affiliates.

It plans to strengthen an industry-wide loss-prevention system by linking with the financial authorities' AI platform for sharing and analysing voice phishing information, ASAP (AI-based Anti-phishing Sharing & Analysis Platform).

A Shinhan Financial official said the service was meaningful because it raised the level of protection for customer assets through group-wide cooperation that went beyond institutional limits.