Anti-fraud issues have always been the focus of the government and the people. For a long time, the joint efforts of government units and cross-industry private units had won many battles to prevent and control fraud. By the new method of digital technology, anti-fraud can be more accurate and effective, making various measures faster and cheaper. The forum was co-organized by Taipei City Police Department, Taiwan Financial Training Institute, Fubon Financial, and the Center. Hundreds of guests attended on-site and online live broadcasts.
The first session is ‘The Achievements of Anti-fraud Policies and Actions of the Public Sector’. The officers from Taipei City Police Department and Taiwan High Prosecutors Office explained that the top three types of fraud still are ‘fake the lifting of installment payments, fake online auctions and fake investment’. Working together with the banks, by using digital technology based on artificial intelligence, the authority established early warning mechanism to detect fraud-related transactions and accounts, analyzed criminal signs sharing among concerned parties for fraud detection and prevention, developed ‘Electronic Platform for Financial Information Access and Joint Prevention Notification’ for timely effective notification, improved kind reminding at the bank counter and ATM prompts, broadcasted more publicity to the public through online social media, etc. In view of more frequent use of virtual currency in fraud cases, the authority has also obtained the close cooperation with major international companies. Going forward, the authority will continue to devote more resources on the research and application of early warning modules, refining the detection of abnormal transactions and suspicious persons on the spot. The knowledge and capabilities of the new mainstream must be strengthened, such as internet financial transactions and virtual currency.
The second session is ‘Experience Sharing on Public-Private Partnerships’ shared by financial institutions and telecommunication operators. E.SUN FHC explained their ‘Early Warning Mechanism for Suspected Fraud in Overseas Financial Accounts’ that focus on the audit and monitoring account opening and activities of virtual accounts. The efforts are driven by bank own concern list, suspected list of police units, and the internal operation transaction data to trigger attention. All are supported by bank’s major systems like cash teller system, on-line banking system and foreign exchange system. CITIC Financial Holdings shared ‘ATM Anti-Fraud and Joint Defense Notification Mechanism’. CITIC Bank has the largest number of ATM machines in Taiwan, with a market share of nearly 40% of interbank withdrawal transaction volume, and the number of monthly transactions exceeds 25 million. The main practices include actively exposing and prompts anti-fraud reminding messages, intelligently detecting abnormalities through internal and external data and crime pattern analysis, predicting suspicions by AI intention analysis of facial recognition system, and timely report to police departments. Taiwan Mobile released its self-developed ‘Fake Website Defector’ and ‘Number Masking Service’. The former one covers global websites based on Taiwan users’ online tracks by using AI technology to complete the comparison and detection within minutes, and find that fraudulent websites can be reported to the Police Department directly and shut down within a few hours. The latter one is to generate disposable virtual phone numbers at the secure communication platform for internet shopping to conceal the real phone of consumers that is quite helpful to reduce the risk of information leakage. Fubon Financial shared ‘AI Intelligent Anti-Fraud Model’ that uses big data to detect suspicious accounts and applies to bank counters, on line banking services and ATM channels. The model significantly improved the accuracy of alert to reduce the disturbance of false alarm to customers as well as operating cost.
To fight with the continuous emergence of more complex and intelligent cross-border fraud cases, all the guests from participating units expressed their strong commitments to work closely on the journey, with refer to global state-of-the-art practices, to refine the application of innovative technologies, and continuously improve the effectiveness of financial anti-fraud.
The first session is ‘The Achievements of Anti-fraud Policies and Actions of the Public Sector’. The officers from Taipei City Police Department and Taiwan High Prosecutors Office explained that the top three types of fraud still are ‘fake the lifting of installment payments, fake online auctions and fake investment’. Working together with the banks, by using digital technology based on artificial intelligence, the authority established early warning mechanism to detect fraud-related transactions and accounts, analyzed criminal signs sharing among concerned parties for fraud detection and prevention, developed ‘Electronic Platform for Financial Information Access and Joint Prevention Notification’ for timely effective notification, improved kind reminding at the bank counter and ATM prompts, broadcasted more publicity to the public through online social media, etc. In view of more frequent use of virtual currency in fraud cases, the authority has also obtained the close cooperation with major international companies. Going forward, the authority will continue to devote more resources on the research and application of early warning modules, refining the detection of abnormal transactions and suspicious persons on the spot. The knowledge and capabilities of the new mainstream must be strengthened, such as internet financial transactions and virtual currency.
The second session is ‘Experience Sharing on Public-Private Partnerships’ shared by financial institutions and telecommunication operators. E.SUN FHC explained their ‘Early Warning Mechanism for Suspected Fraud in Overseas Financial Accounts’ that focus on the audit and monitoring account opening and activities of virtual accounts. The efforts are driven by bank own concern list, suspected list of police units, and the internal operation transaction data to trigger attention. All are supported by bank’s major systems like cash teller system, on-line banking system and foreign exchange system. CITIC Financial Holdings shared ‘ATM Anti-Fraud and Joint Defense Notification Mechanism’. CITIC Bank has the largest number of ATM machines in Taiwan, with a market share of nearly 40% of interbank withdrawal transaction volume, and the number of monthly transactions exceeds 25 million. The main practices include actively exposing and prompts anti-fraud reminding messages, intelligently detecting abnormalities through internal and external data and crime pattern analysis, predicting suspicions by AI intention analysis of facial recognition system, and timely report to police departments. Taiwan Mobile released its self-developed ‘Fake Website Defector’ and ‘Number Masking Service’. The former one covers global websites based on Taiwan users’ online tracks by using AI technology to complete the comparison and detection within minutes, and find that fraudulent websites can be reported to the Police Department directly and shut down within a few hours. The latter one is to generate disposable virtual phone numbers at the secure communication platform for internet shopping to conceal the real phone of consumers that is quite helpful to reduce the risk of information leakage. Fubon Financial shared ‘AI Intelligent Anti-Fraud Model’ that uses big data to detect suspicious accounts and applies to bank counters, on line banking services and ATM channels. The model significantly improved the accuracy of alert to reduce the disturbance of false alarm to customers as well as operating cost.
To fight with the continuous emergence of more complex and intelligent cross-border fraud cases, all the guests from participating units expressed their strong commitments to work closely on the journey, with refer to global state-of-the-art practices, to refine the application of innovative technologies, and continuously improve the effectiveness of financial anti-fraud.
