The Financial Supervisory Service (FSS) announced on July 14 that, in cooperation with the General Insurance Association of Korea, it will launch a nationwide campaign to prevent intentional car accident insurance fraud through intensified public awareness efforts.

Last year, the amount detected for automobile insurance fraud reached 570.4 billion won, accounting for 49.6% of the total insurance fraud detected amount (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 automobile insurance payout growth rate in the general insurance industry (3.3%).

In response, the FSS and the General Insurance Association have decided to raise drivers' awareness of insurance fraud risks and encourage active reporting and whistleblowing by utilizing various media, focusing on areas with frequent intentional car accidents and regions with heavy traffic.

Selection of 35 nationwide high-risk areas for intentional accidents with voice guidance on risks and precautions via T map

Production and broadcast of public service advertisements on TV about the risks of intentional accident insurance fraud, punishment levels, and reporting channels

Posting of posters to eradicate intentional accident insurance fraud on giant electronic billboards, bus stops, and Seoul taxis

They plan to select 35 high-risk areas for intentional accidents nationwide and provide drivers with voice guidance on the risks and precautions of intentional accidents through the T map navigation application. Public service advertisements about the dangers of intentional car accident insurance fraud, the level of punishment, and reporting channels will be produced and broadcast on TV. Posters aimed at eradicating intentional accident insurance fraud will also be displayed on giant electronic billboards, at bus stops, and in Seoul taxis.

An FSS official stated, "Going forward, we will continue to conduct focused investigations in cooperation with the general insurance industry to eradicate intentional car accidents," adding, "We will also carry out nationwide public awareness campaigns to prevent insurance fraud."