"Warning: High Insurance Fraud Area" - Navigation Apps Alert Drivers on the Road

FSS and General Insurance Association Launch Nationwide Campaign
to Prevent Intentional Auto Insurance Fraud

The Financial Supervisory Service announced on July 14 that it will conduct a nationwide intensive publicity campaign in cooperation with the General Insurance Association of Korea to prevent intentional automobile accident insurance fraud in advance.

Last year, the amount detected for automobile insurance fraud was 570.4 billion won, accounting for 49.6% of the total detected insurance fraud amount of 1.1502 trillion won. This figure represents a 4.2% increase compared to the previous year (547.6 billion won), which is higher than the growth rate of automobile insurance payments in the general insurance industry (3.3%).

In response, the Financial Supervisory Service and the General Insurance Association of Korea have decided to use various media to raise awareness among drivers about the risks of insurance fraud and to encourage reporting and tips, focusing on areas with frequent intentional automobile accidents and regions with high traffic volume.

They plan to select 35 regions nationwide where intentional accidents frequently occur and provide voice guidance to drivers via the Tmap navigation application regarding the risks and precautions related to intentional accidents.

They also plan to produce and broadcast TV public service announcements highlighting the dangers of intentional automobile accident insurance fraud, the level of punishment, and how to report or provide tips.

Posters aimed at eradicating intentional accident insurance fraud will be displayed using media such as large electronic billboards, bus stops, and taxis in the Seoul area.

A representative from the Financial Supervisory Service stated, "We will continue to conduct focused investigations to eradicate intentional automobile accidents in cooperation with the general insurance industry," adding, "We will also carry out nationwide publicity campaigns to prevent insurance fraud."