TAIPEI (Taiwan News) — Bank SinoPac said on Thursday that its branches prevented more than 500 suspected fraud cases last year.

The bank said it prevented nearly NT$300 million (US$9.23 million) from being lost in fraud, per CNA. To strengthen fraud prevention through technology, its “AI fraud detection model” blocked more than 1,100 suspected fraudulent transactions in 2024.

Additionally, the bank launched "3D secure authentication" for credit card payments. Customers are required to complete online transactions through facial recognition or fingerprint verification to prevent fraud.

The bank also introduced countermeasures in the fourth quarter to tackle fraud schemes involving installment payment cancellations. It has prevented such fraud in more than 130 customer cases.

The bank established a fraud prevention task force in 2023. The team investigates potential fraud scenarios and develops strategies to detect and prevent fraud.

To combat financial crime, nine banks in Taiwan, including Mega Bank, Land Bank of Taiwan, and Bank of Taiwan, formed the Fin-Tech Anti-Fraud Alliance in January.

Fraud losses in Taiwan surpassed NT$100 billion last year. The Ministry of the Interior said that common fraud schemes include investment scams, online shopping fraud, and fake prize notifications.

The ministry handled 93,000 fraud cases from August to December, totaling NT$62.92 billion. During the same period, New Taipei, Taichung, and Taoyuan had the highest number of fraud incidents.