Woori Bank to deploy generative AI to combat financial fraud

Woori Bank is strengthening its defense against evolving financial fraud by implementing a next-generation prevention system centered on generative AI and specialized personnel. During a press conference in Seoul, CEO Jeong Jin-wan emphasized that preventing financial fraud is a top management priority to protect both customer assets and institutional trust.

Starting in November, the bank will launch a generative AI-based monitoring system designed to analyze new types of fraud and establish new detection scenarios. The bank also plans to build an advanced Fraud Detection System (FDS) that integrates AI with telecommunications information, moving beyond traditional transaction-based detection to include login and product usage data.

To enhance expertise, Woori Bank has established a dedicated fraud prevention department and recruited Jeon Jae-hong, a former high-ranking police official and fraud investigation expert, marking a first for the banking sector. The bank highlighted emerging threats such as ‘pig butchering’—where scammers build trust via social media before soliciting investments—and ‘recovery scams,’ where criminals pose as recovery experts to defraud existing victims.

Additionally, the bank is improving collaboration between its FDS and Anti-Money Laundering (AML) departments. Between April and August, the FDS identified 639 suspicious transactions for AML analysis, while the AML process identified 664 suspicious accounts from other banks, which were shared across the financial sector via the ASAP AI platform.