SEOUL, April 30 (Korea Bizwire) – The Supreme Court will seek to set new sentencing guidelines on crimes related to voice phishing and insurance fraud in a move to toughen punishment for fraud crimes for the first time in 13 years. The Sentencing Commission, affiliated with the top court, made the decision to newly include [...]
SEOUL, April 28 (Korea Bizwire) — South Korea’s financial regulator said it has decided to toughen its screening of suspicious insurance cases as part of efforts to prevent the excessive disbursement of insurance payouts through overtreatment. The Financial Supervisory Service (FSS) made an advance notice on the revision to the ‘insurance fraud prevention model standards’ [...]
SEOUL, May 27 (Korea Bizwire) — Kyobo Life Insurance Co., one of South Korea’s leading life insurers, said Tuesday that it has started developing and operating its own insurance fraud prediction system that incorporates artificial intelligence (AI) machine learning technology. K-FDS (Kyobo Fraud Detection System) is a system that enables AI to learn insurance fraud [...]
SEOUL, Mar. 2 (Korea Bizwire) — Experts have warned electric cars could be a new target of insurance fraud due to subsidies provided by the government. According to sources close to the auto industry, the first suspected fraudulent car insurance claim was filed in July of last year. The claimant argued an electric car parked by [...]