FSS to Enhance Surveillance of Financial Fraud Influencers Using AI

The Financial Supervisory Service (FSS) has established a system to monitor financial fraud crimes 24 hours a day using artificial intelligence (AI) technology. With a recent surge in investment scams impersonating popular financial influencers (finfluencers), the FSS will use its AI-based real-time monitoring to constantly identify and respond to illegal financial investment operators.

Elderly individuals in their 50s and 60s have been the primary victims, with cases of damages reaching up to 380 million KRW confirmed.

The FSS plans to raise awareness about the dangers of illegal finfluencers through short-form videos, card news, and public service radio advertisements. In April, it will produce short-form videos and card news to post precautions and response tips on social media channels. In May, a public service radio advertising campaign will be launched through major broadcasters. This campaign, made possible by the pro bono efforts of actress Park Shin-hye, aims to warn the public about the risks of illegal finfluencers and deliver an important message.

The FSS urged consumers to verify the identity of financial firm employees and avoid using accounts under other people's names when dealing with crimes impersonating regulated financial institutions. It also advised users to pre-check whether companies advertising on social media are illegal operators, to immediately stop suspicious transactions, and to report them promptly.