S. Korea regulator to set up AI-backed insurance fraud prevention system

Seoul [South Korea], June 5: South Korea's financial regulator said Thursday that it plans to set up an artificial intelligence (AI)-based insurance fraud prevention system this year, Yonhap News Agency reported.
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.
Source: Emirates News Agency