The South Korea Financial Services Commission reviewed the expanded operation of the AI-based Anti-Phishing Sharing and Analysis Platform, or ASAP, which now enables financial institutions, telecommunications companies and investigative agencies to exchange suspected voice-phishing information. The statutory framework supporting cross-sector sharing took effect on Aug. 4, allowing data to be used for measures including account freezes, telecommunications blocks and criminal investigations. Telecommunications companies have since shared about 100 items, including suspected phishing phone numbers, for integration into banks’ fraud detection systems. From October 2025 through July 2026, ASAP facilitated the sharing of 463,000 suspected phishing records held by banks. This resulted in 7,009 account freezes and prevented the theft of KRW 66.36 billion. Banks are also linking fraud detection and anti-money laundering data to improve detection, with Woori Bank uploading 576 suspected third-party bank account records between late March and July. The commission plans to assess mule accounts across the financial sector, coordinate action on identified accounts with law enforcement and tax authorities, and consider reforms to curb the creation of new accounts. Separately, previously enacted provisions enabling the detection, freezing and recovery of suspected voice-phishing funds involving virtual assets are scheduled to take effect on Oct. 1.

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