In a decisive move to combat the rising threat of voice phishing and other financial scams, the Financial Services Commission (FSC) announced the official launch of the AI-based Anti-Phishing Sharing and Analysis Platform (ASAP). The initiative was unveiled during a high-level meeting attended by government authorities, financial industry groups, and private sector experts, who discussed policy measures to enhance national defenses against “vishing” fraud.
The new ASAP platform will serve as a centralized, real-time data-sharing system connecting over 130 financial institutions. It allows participants to exchange information related to vishing scams across nine categories and 90 data types, ranging from victims’ account details and fake IDs to overseas accounts and phishing websites.
According to the FSC, this initiative marks a critical step toward building an AI-driven infrastructure for early detection and prevention of financial fraud. “Through AI-based analytics and collaborative data sharing, we can proactively block fraudulent activities and respond faster to evolving scam tactics,” said an FSC spokesperson.
AI-Driven Real-Time Protection
Under the new system, crucial information — including data about victims’ accounts, fraudulent accounts, and overseas accounts involved in scams — will be shared instantly among financial firms. This real-time exchange is expected to significantly reduce the delay in identifying and freezing fraudulent funds, especially those transferred abroad.
Previously, the absence of a unified information-sharing network made it difficult for financial institutions to respond swiftly, particularly when scam proceeds were routed through overseas accounts. Once funds were transferred abroad, the existing Special Act on the Prevention of Loss Caused by Telecommunications-based Financial Fraud limited authorities’ ability to suspend such accounts or recover stolen money. ASAP is expected to bridge that gap, offering timely coordination across institutions and improving responses to cross-border financial crimes.
Strengthening Defenses Against Organized Crime
Financial institutions traditionally handled suspicious accounts independently, often missing the broader patterns of organized fraud. ASAP changes that by connecting institutions into a shared intelligence network, enabling them to collectively trace the movement of scammed funds through multiple accounts and channels.
By mapping transaction routes and identifying linked accounts, the platform will make it easier to track organized money-laundering networks and shut down their operations more rapidly.
AI-Powered Detection Models
One of the platform’s most promising features is its AI-driven detection system, built collaboratively using data from all participating financial institutions. While banks previously relied on isolated case-based models, ASAP’s joint AI framework will continuously learn from new scam data, improving accuracy and responsiveness to emerging fraud techniques.
This advancement will be particularly beneficial for nonbank financial institutions, which often lack the technical resources to develop robust anti-fraud models independently. The platform thus democratizes access to advanced fraud detection capabilities across the financial sector.
Faster Coordination, Greater Collaboration
Until now, financial firms frequently exchanged fraud-related information via telephone or fax, a process too slow to protect victims in time. ASAP replaces this outdated system with instant digital communication, ensuring faster identification, response, and recovery efforts for vishing scam victims.
The platform also lays the groundwork for multi-agency collaboration. Initially involving financial companies, the government plans to expand participation to telecommunication providers and investigative authorities, recognizing that vishing scams often span multiple sectors — from data theft and social engineering to financial exploitation.
Regulatory and Legislative Steps Ahead
Looking forward, the FSC announced plans to amend existing laws to create a clear regulatory framework for ASAP’s operation and enhance personal data protection standards within the financial industry.
During the meeting, FSC Chairman Lee Eog-weon emphasized the urgency of reinforcing financial institutions’ capabilities against phishing scams. “The government is committed to supporting financial companies in adopting AI tools and infrastructures that can effectively counter these crimes,” he said, pledging continuous policy support and collaboration across authorities and industry players.
With the launch of ASAP, South Korea takes a major leap toward building a data-driven, AI-enabled defense ecosystem against financial fraud — one that promises faster action, stronger coordination, and smarter prevention in an increasingly digital financial landscape.
For more details, refer to the attached PDF.
By FCCT Editorial Team
