Shinhan Bank shares anti-phishing expertise with exchange

AML, FDS collaboration to bolster financial fraud response

Officials from Shinhan Bank and Digital X pose for a photo at a joint seminar on strengthening anti-phishing capabilities, held Tuesday at Shinhan Bank's headquarters in Seoul. [Digital X]
Officials from Shinhan Bank and Digital X pose for a photo at a joint seminar on strengthening anti-phishing capabilities, held Tuesday at Shinhan Bank's headquarters in Seoul. [Digital X]

Shinhan Bank held a joint seminar with Digital X, Mirae Asset's virtual asset investment platform, on Tuesday at its headquarters in Jung-gu, Seoul, aimed at strengthening capabilities to counter new forms of phishing fraud.

The seminar was organized ahead of the implementation of a new anti-phishing regime announced by the Financial Services Commission and the Financial Supervisory Service in June. The two companies shared response strategies for the regulatory changes and discussed ways to deepen cooperation on financial fraud prevention.

This was the second such seminar the two companies have held together, following one in 2023. Digital X currently operates under a real-name account partnership with Shinhan Bank, a contract it renewed for one year last December.

Topics covered at the seminar included Shinhan Bank's anti-phishing framework and notable case studies, major phishing patterns seen at virtual asset businesses and how to address them, and collaborative approaches to detecting financial fraud and preventing losses.

The new anti-phishing regime was introduced to address emerging forms of financial crime — including investment fraud and fraud exploiting virtual assets — that were difficult to tackle under the existing Special Act on Refund of Damages from Telecommunications-Based Financial Fraud alone.

Digital X's anti-money laundering (AML) unit and fraud detection system (FDS) operations team both participated in the seminar. The two companies said close coordination between AML teams, which trace criminal fund flows, and FDS teams, which flag suspicious transactions in real time, is essential to keeping pace with increasingly sophisticated financial fraud.

Digital X is building out its response framework — including revising internal procedures and systems — ahead of the regime's Oct. 1 launch. The company plans to further develop its AML and FDS capabilities while expanding cooperation with financial institutions and relevant authorities to strengthen user protection.


forest@heraldcorp.com