TAIPEI (Taiwan News) — The Ministry of Finance said that Taiwan's eight state-owned banks prevented more than 2,500 fraud cases totaling NT$2.1 billion (US$64.5 million) last year.
Bank of Taiwan led the effort, blocking over 607 cases that amounted to more than NT$510 million. It was followed by Hua Nan Bank, which stopped 394 cases totaling NT$360 million, and First Commercial Bank, which prevented 394 cases involving NT$290 million, per CNA.
In the second half of this year, six of these state-owned banks are set to launch dedicated SMS numbers used to send messages regarding customer rights notifications, loan payment reminders, and credit card transaction alerts. The initiative aims to reduce fraud by preventing scammers from impersonating banks to trick the public into financial transactions.
The ministry said that bank staff will exercise extra caution when customers attempt to transfer large sums of money or when customers request to withdraw a fixed deposit before maturity.
Banks have also established internal reporting mechanisms to share information on fraud patterns and high-risk accounts. The ministry said that these agencies will continue to strengthen account-opening review procedures to prevent the creation of dummy accounts.
The ministry added that domestic banks will assess whether to temporarily restrict transaction functions for foreign accounts with no activity within a certain period and balances below a specified amount. This measure aims to prevent misuse by fraud groups.
Starting in June, the Bank of Taiwan began suspending transaction functions for accounts that have had no financial activity for over six months and have balances below a required threshold. To reactivate such accounts, the holder must visit the original branch with valid identification.
In September, the Criminal Investigation Bureau and 35 Taiwanese banks formed an anti-fraud alliance to launch campaigns to increase awareness and use AI to identify high-risk bank accounts. The Digital Industries Administration also established a system where the public can query or report suspicious online fraud messages or advertisements. The administration added that once a report is verified as legitimate, online platforms will be required to remove the content.
