Insurance Fraud Detected Last Year Totaled 1.1502 Trillion Won
Millennials and Gen Z Accounted for About 32%
The Financial Supervisory Service announced on September 17 that it will join forces with the Korea Life Insurance Association and the General Insurance Association of Korea to launch a campaign to eradicate insurance fraud tailored to the Millennial and Gen Z demographic.
Last year, the amount of insurance fraud detected reached 1.1502 trillion won, with the number of offenders exceeding 100,000. By age group, 14,884 people in their 20s (13.7%), 19,746 in their 30s (18.1%), 21,055 in their 40s (19.3%), 24,528 in their 50s (22.5%), and 27,998 aged 60 and above (25.7%) were caught. Insurance fraud is occurring across all age groups, without being limited to any specific generation.
Recently, fraudulent schemes targeting young adults, such as those involving loans and job placement, have been spreading. In response, the Financial Supervisory Service plans to promote online and offline insurance fraud prevention campaigns targeting Millennials & Gen Z.
The Financial Supervisory Service will carry out promotions through banner advertisements on financial transaction applications frequently used by Millennials & Gen Z, interactive (quiz) events, and large electronic billboards on buses. To prevent patients and other hospital visitors from participating in insurance fraud, the agency also plans to run video campaigns on monitors inside buildings where hospitals and clinics are located.
An official from the Financial Supervisory Service stated, "We will continue to collaborate with the police, the Korea Life Insurance Association, the General Insurance Association of Korea, and insurance companies to ensure strict punishment for insurance fraud," adding, "If you become aware of suspected insurance fraud cases, we encourage you to actively report them to the Financial Supervisory Service or the insurance companies' insurance fraud reporting centers."
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