DigitalX, Shinhan Bank Hold Joint Seminar to Bolster Response to Emerging Phishing Scams

DigitalX, Mirae Asset’s digital-asset investment platform, said on Sept. 15 that it had held a joint seminar with Shinhan Bank at the bank’s headquarters in Seoul to strengthen response capabilities against emerging phishing scams. It was the second such seminar between the two companies after the first in 2023.

The seminar was arranged ahead of the launch of a new system for responding to emerging phishing scams, which the Financial Services Commission and the Financial Supervisory Service jointly announced in June, with the aim of strengthening the financial industry’s response capabilities.

The new system was introduced to better address new types of crimes affecting the public, including investment scams and new forms of financial fraud involving virtual assets. In line with the measures, which are scheduled to take effect on Oct. 1, DigitalX said it is establishing its response framework by overhauling internal work processes and systems.

Presentations and discussions at the seminar centered on Shinhan Bank’s response framework and major cases involving emerging phishing scams, key phishing patterns seen at virtual-asset service providers and their response systems, and ways to cooperate to detect financial fraud and prevent damage.

DigitalX’s anti-money laundering, or AML, organization and its fraud detection system, or FDS, operations organization also participated in the seminar. As financial fraud schemes have become more sophisticated in recent years, coordination between AML, which tracks criminal funds, and FDS, which detects suspicious transactions in real time, has emerged as a key element in preventing financial fraud.

A DigitalX official described emerging phishing scams as a new threat requiring a response from the entire financial industry. The official added that, as financial authorities including the Korea Financial Intelligence Unit have established an institutional foundation aligned with international standards, the company will work to build a user protection framework that meets those standards through close cooperation with banks and tighter coordination between its AML and FDS functions.