TAIPEI (Taiwan News) — Taiwan’s financial institutions blocked NT$10.1 billion (US$306 million) in fraudulent transactions and prevented 13,580 scam cases last year, an annual increase of 32.89%, the Financial Supervisory Commission said Thursday.

FSC Banking Bureau official Wang Yun-chung (王允中) said at a press conference the agency has collaborated with the National Police Agency to create an electronic reporting platform. Wang said 38 banks and post offices participated in the program, per CNA.

According to Article 5 of the Regulations Governing the Deposit Accounts and Suspicious or Unusual Transactions, banks must suspend all transactions of a flagged account upon notification from law enforcement agencies. Notifications between the police and financial institutions are now digitized, Wang said.

He explained that digitalization cuts down on paper and makes information sending faster. While banks still need to verify information, the process has been reduced by as much as 30 minutes.

The FSC encouraged banks to improve their fraud prevention methods and enhance employee training. It said bank tellers serve as the last line of defense against fraud, and when necessary, local police may also be called for assistance.

The agency said it is committed to working with financial institutions and law enforcement agencies to reduce financial losses for the public.