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FSS creates AI bot to help spot text message scams

Nov 21,2018
On Tuesday, the financial watchdog said that it has developed an artificial intelligence platform to help people spot text message scams.

The platform was jointly developed by Kookmin Bank and Amazon’s cloud computing affiliate, Amazon Web Services, the Financial Supervisory Service (FSS) said in a statement.

The platform’s algorithms automatically analyze possible text message scams, known as “smishing,” and give people a warning, the FSS said.

Using and analyzing a wide variety of customer data, such algorithms are also expected to help consumers better deal with other financial fraud, the regulator said.

The algorithms will be provided to financial technology firms for free, allowing them to develop smartphone apps that help people identify text message scams, the FSS said.