The Financial Supervisory Commission held the "Technology-Based Fraud Prevention Themed Promotion Event Results Presentation" on November 1, 2023, at the Taipei FinTech Festival. The event showcased the results of this year’s "Technology-Based Fraud Prevention" themed promotional activities and included experience sharing and exchanges from financial institutions, FinTech companies, and technology firms.
The FSC stated that in order to strengthen the application of technology in fraud prevention and financial crime prevention, the commission organized the "Fraud Prevention and Financial Crime" FinTech themed promotional activities this year. The related activities have recently been completed with fruitful results. These include the "Financial Technology Anti-Fraud Joint Independent Verification" organized by the FSC, inviting financial institutions and technology companies to apply privacy-enhancing technology, synthetic data, and artificial intelligence to jointly develop innovative fraud prevention solutions. Additionally, the Taiwan Academy of Banking and Finance hosted a "Fraud Prevention and Financial Crime" FinTech co-creation workshop, where representatives from financial institutions, technology, and telecom companies teamed up to propose technology-based anti-fraud solutions, with two outstanding proposals selected.
To present the results of this year’s activities, the FSC held the "Technology-Based Fraud Prevention Themed Promotion Event Results Presentation" at the Taipei FinTech Festival.
Taiwan to launch the "Joint Payment Fraud Blocking Program." This initiative uses joint learning to improve the effectiveness of identifying payment and remittance fraud.
Furthermore, Cathay United Bank, Chinatrust Commercial Bank, E.SUN Commercial Bank, and Shin Kong Bank, along with experts from the National Information and Communications Security Research Institute, promoted the "Cross-Financial Industry Joint Learning Technology Fraud Prevention Case" to further drive data cooperation within the financial industry and strengthen fraud warning capabilities. Shin Kong Financial Holding, Shin Kong Life, Taiwan Life, Amazon Web Services (AWS), and Netron Information Technology Corporation collaborated to establish the "Life Insurance Claims Pattern Sharing Ecosystem," which uses synthetic data to train AI fraud detection models, enhancing financial institutions' ability to prevent claims fraud.
In the co-creation workshop, two outstanding teams presented innovative technology-based anti-fraud proposals. The "When Court Judgments Meet AI" program uses generative AI to analyze court rulings and connects with the Ministry of Economic Affairs' business database to enhance financial institutions' risk management and fraud prevention mechanisms. The "Fox Hunt Program" focuses on preventing securities investment fraud, offering solutions to address the information gap regarding Hong Kong "penny stocks" and using technology to analyze fraud techniques in fake investment groups, helping financial institutions track the latest fraud trends in real-time.
During the results presentation, a summit forum titled "Guarding People's Financial Assets from Technological Crimes" was held. Representatives from the Criminal Investigation Bureau of the Ministry of the Interior, the Ministry of Digital Affairs, and the four joint independent verification industry partners shared their experiences in public-private collaboration to combat fraud and discussed practical challenges and suggested approaches for cross-financial institution cooperation. They also presented potential scenarios and solutions for using the latest technology and AI to enhance joint defense effectiveness.
The FSC stated that through this results presentation, not only did it provide financial institutions, FinTech companies, and co-creation teams with the opportunity to showcase innovative technology and solutions to prevent financial fraud, but it also aimed to promote collaboration between financial institutions and technology providers to jointly develop more effective tools and strategies for preventing financial crime. Additionally, it facilitated the sharing of the latest financial technology applications, improving the industry's ability to detect and prevent financial fraud and driving the development of Taiwan's technology-driven fraud prevention ecosystem to more effectively block illegal fraudulent financial flows and protect people's financial security.
