TAIPEI (Taiwan News) — CTBC Bank and Taiwan Shilin District Prosecutors Office signed a memorandum of understanding Tuesday to combat fraud.

The bank and prosecutors will establish a reporting system for suspicious financial accounts to block unusual financial transactions and protect public assets. The bank said the system is the financial sector’s first line of defense against fraud, per CNA.

Shilin District Chief Prosecutor Chang Yun-chi (張云綺) said that fraud and financial transactions have become increasingly complex, making it difficult for judicial authorities to curb scams fully. Chang said the system will integrate head account information held by the prosecutors' office with CTBC Bank’s risk control measures, so intelligence can be provided for investigation as soon as fraudulent financial transactions are detected.

CTBC Bank President Tony Yang (楊銘祥) said the bank also collaborated with the Taiwan High Prosecutors Office in December to combat fraud. He added the office provided a list of suspicious accounts held by district prosecutors across Taiwan, and the bank used its data analysis capabilities to identify unusual transaction behaviors.

Yang said the bank also established a platform for prosecutors and banks in Taiwan to combat fraud. The platform helps streamline the process for prosecutors to request data from financial institutions, helping accelerate investigations.

According to the National Police Agency, Taiwan saw more than 16,000 fraud cases in March, resulting in losses exceeding NT$7 billion (US$210 million). Fake investment scams were the most prevalent, defrauding victims of NT$4 billion, followed by online shopping and prize-winning notification scams.

Cathay United Bank blocked more than 1,800 fraud cases at its branches last year, totaling NT$1.38 billion. In January, the bank partnered with Taipei District Prosecutors Office to combat fraud through information sharing, risk alerts, fund interception, and the promotion of anti-fraud technology.

Taiwan High Prosecutors Office reported an approximate 26.54% decline in telecom fraud cases last year compared to 2023. Since head account cases account for 70% of all telecom fraud, the office emphasized that curbing these accounts remains its top priority for prevention.