Finance
Korea Post abolishes cap on rewards for reporting insurance fraud
Korea Post will abolish the ceiling on rewards paid for reporting insurance fraud to encourage more tips and improve detection, the Ministry of Science and ICT’s Postal Service said on Sunday. The cap had been set at 30 million won. Over the past five years, confirmed Post Office Insurance fraud totalled about 4.2 billion won involving 742 people, but tip-based cases accounted for about 47 million won, or 1.1 percent. Reward payouts totalled seven cases worth about 3.6 million won.
