South Korea's financial regulator announced on 4 June that it is looking to establish an insurance fraud prevention system in 2026, leveraging artificial intelligence (AI).
Yonhap News Agency reported that the Financial Services Commission (FSC) has already formed a task force for the initiative, with the goal of launching the system by September 2026 at the earliest. The FSC said the new system will address AI- and deepfake-based insurance fraud, improving overall fraud detection capabilities.
In 2025, around KRW1.15tn ($753m) worth of insurance fraud cases were reported, although the figure could have reached KRW9tn if undetected cases were included.