Seoul: The amount of insurance payments collected in insurance frauds climbed to an all-time high last year, prompting authorities to step up efforts to curb such practices, the financial regulator said Sunday.

According to Yonhap News Agency, insurance scammers took a record 1.15 trillion won (US$794.6 million) through wrongful filings in 2024, marking a 3 percent increase from the previous year. Despite the rise in fraudulent claims, the number of suspects involved in these cases slightly declined by 0.5 percent to 108,997 individuals.

Fraud involving counterfeit or fabricated medical records to make overstated claims accounted for the largest share, comprising 58.2 percent of all false claims. This was followed by false accidents at 20.2 percent and intentional accidents at 14.7 percent.

In terms of categories, fraud related to car insurance and long-term insurance made up 49.6 percent and 42.2 percent of the total fraudulent claims, respectively. The demographic data revealed that most suspects in their 20s and 30s were involved in car insurance fraud, such as intentional collisions and driving under the influence or without a license. In contrast, individuals in their 50s or older were predominantly involved in hospital-related fraud, including false hospitalization claims.

The financial regulator has announced plans to enhance their promotional efforts to prevent both seniors and younger generations from engaging in insurance fraud. Additionally, they aim to conduct thorough investigations to eradicate such criminal activities.