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Taiwanese Financial Institutions Block NT$4.3 Billion in Fraud Losses in First Half

From Liberty Times · () Chinese

Translated from Chinese and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Ongoing story
  • Financial institutions in Taiwan blocked 4,891 fraud cases and prevented NT$4.3 billion in losses during the first half of the year.
  • Premier Cho Jung-tai said the government would strengthen cooperation among financial institutions, regulators and police to combat fraud.
  • Bankers said scams increasingly use artificial intelligence, virtual assets and cross-industry channels, prompting more transaction monitoring and public-awareness efforts.

Taiwanese banks stopped nearly 4,900 suspected fraud cases in the first half of the year, preventing losses of NT$4.3 billion, according to figures presented at a financial and law-enforcement coordination summit.

Premier Cho Jung-tai thanked frontline bank employees, who often face anxious or confused customers when they investigate transactions or freeze funds. He credited their patience and professional judgment with preventing further losses and said financial institutions were demonstrating a broader social responsibility.

Cho said the government had made its anti-fraud command center a permanent task force under the Executive Yuan. It has also used the Fraud Crime Hazard Prevention Act and other measures to increase penalties, strengthen victim protections and improve information sharing among financial regulators, banks and police.

Good laws, good policies and sufficient budgets will have limited results without the ability to implement them.

— Cho Jung-taiTaiwan’s premier called for stronger cooperation between government and society in carrying out anti-fraud measures.

He said telecommunications and online fraud cases fell from about 20,000 to about 10,000 between August 2024 and July 2026, a decline of more than 40 percent. Reported financial losses fell from NT$13.1 billion to NT$3.6 billion, a reduction of about 70 percent. Cho warned that agencies could not relax their efforts as criminals adopt deepfake technology and virtual currencies.

Cathay Financial Holdings General Manager Lee Chang-keng, speaking for the Bankers Association, said fraud methods had expanded from phone, text-message and investment scams to schemes using artificial intelligence, virtual assets and multiple industries. Banks are adding tools such as facial-recognition warnings at ATMs, real-time monitoring of unusual behavior, account reviews and cross-industry alerts. The association also plans nationwide awareness activities under the slogan “United Against Fraud, Financial Regulators, Police and Citizens Together,” seeking at least 10,000 participants.

United Against Fraud, Financial Regulators, Police and Citizens Together

— Bankers AssociationThe association’s slogan for planned public-awareness activities across Taiwan.
About this summary

Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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