AI NewsWaveFinancial Supervisory Service Builds AI System to Track Illegal Private Lending Rings
Key points
- FSS builds AI-based system to track illegal private lending
- 380,000 pieces of illegal lending information analyzed as big data
- Registered lenders also found to be involved
The Financial Supervisory Service (FSS) said on the 25th that it has built an analysis system that uses artificial intelligence (AI) to track the people behind illegal private lending rings. Chosun Biz and Digital Daily reported the news.
According to Chosun Biz, the FSS plans to inspect and crack down on dozens of lenders based on the big data analysis results. Chosun Biz explained that illegal private lending rings operate as loosely linked cells, dividing roles such as advertising, lending, collection and sales.
Digital Daily reported that the FSS analyzed 380,000 pieces of information on illegal private lending with AI and identified previously undetected loan-shark rings and additional cases of harm. It also reported signs that formally registered lenders took part in illegal lending.