AI-based anti-phishing platform prevents over $47.6 mil. in financial damage

South Korea's Financial Services Commission (FSC) reported that its AI-based Phishing Sharing and Analysis Platform (ASAP) prevented 66.4 billion won ($47.6 million) in financial losses from voice phishing scams between Oct. 29 and July 31. The platform, launched in late October, enabled 130 financial firms to share phishing-related information, leading to the halt of transfers from some 7,000 accounts and the sharing of 463,000 cases of phishing-related information.

A new platform based on artificial intelligence AI has prevented some 66.4 billion won $47.6 million in financial losses from voice phishing scams over the past nine months, the financial regulator said Thursday. The country launched the platform, dubbed the AI-based Phishing Sharing and Analysis Platform ASAP , in late October to enhance anti-fraud efforts. According to the Financial Services Commission FSC , some 463,000 cases of voice phishing-related information were shared among financial institutions between Oct. 29 and July 31, and transfers from some 7,000 accounts were halted. The platform allows 130 financial firms to share phishing-related information, such as victim accounts and suspicious transactions. The country has been intensifying efforts to crack down on rising phishing crimes. ASAP highlights the country's growing commitment to protecting financial consumers and restoring trust in digital financial systems, the FSC said. Phishing is a type of crime where victims are conned into transferring money to scammers or sharing their personal information, thus allowing fra