Woori Bank "Division of labor into financial fraud organization... Beware of misuse of loan and severance pay information"

Woori Bank recently urged caution, saying that criminal methods are becoming more sophisticated, with financial fraud organizations dividing their roles.

Woori Bank held a 'Financial Fraud Prevention Press Conference' at its headquarters in Jung-gu, Seoul on the 12th and explained changes in financial fraud methods and the current status of its prevention and response system operation.

Woori Bank is said to be the first bank in the banking industry to hire a financial fraud prevention expert from the police, and has established a system that connects everything from analyzing criminal methods to responding to high-risk transactions by combining police investigation experience and financial transaction analysis capabilities.

Jeon Jae-hong, a financial fraud investigation expert who worked for the police for 24 years and the head of Woori Bank's Financial Fraud Prevention Department, explained at a meeting, "We have moved away from the past method of one organization committing crimes centered on the phone, and recently, technology development, enticement and execution, and fund movement and laundering have been divided into separate departments."

He also urged caution, saying, "If a lot of personal information related to loans has been leaked, people who have taken out a lot of loans can be encouraged to refinance loans, and in the case of people who have recently retired, information about severance pay can lead to investment fraud."

He continued, “If a new department is established, responsibilities will become clearer and the division of labor will be specialized,” and “If the department is specialized with personnel who continue to work only on financial fraud, it will become easier to prevent and respond to financial fraud.”

Woori Bank emphasized that it is also working to establish a response system through the Abnormal Financial Transaction Detection System (FDS). It is a method that analyzes customers' financial transactions such as account transfers, withdrawals, deposits, card payments, and overseas remittances in real time and detects abnormal signs that are different from past transactions.

In particular, Woori Bank established an integrated response system through collaboration between FDS and Anti-Money Laundering (AML) departments.

It is explained that from April to August of this year, FDS delivered 639 cases of related information suspected of money laundering to the AML department, and of these, 83 cases were submitted to Suspicious Transaction Reports (STRs) after additional analysis.

Woori Bank has set 'a leading bank in financial fraud prevention' as its mid- to long-term vision, and plans to increase the organization's response capabilities through standardization of detection and analysis tasks and expansion of professional manpower and training.

Bank President Jeong Jin-wan said, “We are pursuing the prevention of financial fraud as our top management priority as it involves protecting not only customer assets but also trust in finance.”