Yonhap News6/4/2026Business1 min readSouth Korea
South Korea to Launch AI-Based Insurance Fraud Prevention System
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- South Korea's Financial Services Commission plans to launch an AI-based insurance fraud prevention system by September to combat sophisticated fraud, including deepfake technology.
- The system aims to detect both known and emerging fraud cases, following the detection of 1.15 trillion won in fraud last year.
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The country's financial regulator said Thursday that it plans to set up an artificial intelligence (AI)-based insurance fraud prevention system this year.
The Financial Services Commission (FSC) said it has launched a task force to set up the system in September this year at the earliest.
Last year, some 1.15 trillion won (US$753 million) worth of insurance fraud cases were detected, but the figure may spike to 9 trillion won when undetected cases are counted, according to the FSC.
The regulator said the planned system will respond to AI and deepfake-based insurance fraud and help better detect new types of fraud cases.
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This article was originally published by Yonhap News.
