TAIPEI (Taiwan News) — Mega Bank Chair Tung Jui-pin (董瑞斌) announced the formation of the Fin-Tech Anti-Fraud Alliance on Tuesday.

The group consists of Mega Bank, Land Bank of Taiwan, Export-Import Bank, Taiwan Cooperative Bank, First Bank, Hua Nan Bank, Chang Hwa Bank, Bank of Taiwan, and Taiwan Business Bank, per CNA. It also partnered with technology firms like Microsoft Taiwan and Trend Micro to fight fraud.

Tung said at a press conference that over NT$1 trillion (US$30.5 billion) is lost to fraud globally each year. According to the anti-fraud site 165 Dashboard, Taiwan suffered NT$12.4 billion in fraud losses in December alone, averaging NT$400 million per day.

Additionally, about 18,000 scam cases were reported that month, roughly 600 cases daily.

Tung explained that among all types of scams, investment fraud is the most common. He cited discovering investment opportunities on social media or joining uncertified stock groups as examples.

Tung warned that most financial transactions are conducted through authorized deductions rather than cash transactions. Cash involvement, except in special cases, is likely indicative of fraud, he said.

Tung said the alliance currently involves state-owned banks but plans to expand to private institutions.