News
Cross-Sector Collaboration Among Financial Institutions Advances Anti-Fraud Technology
2024-11-01
On November 1, 2024, the Financial Supervisory Commission (FSC) held a "Thematic Achievement Showcase of Tech-Driven Prevention of Fraud" at the Taipei FinTech Expo. This event displays the results of this year's thematic campaign for Tech-Driven Prevention of Fraud, inviting financial institutions, FinTech companies, and tech firms to engage in knowledge sharing and networking.
The FSC stated that to strengthen the application of technology in combating fraud and financial crime, it organized the "Prevention of Fraud and Financial Crimes" FinTech Thematic Campaign this year. All related activities have recently concluded, yielding fruitful outcomes. Notable initiatives include the FinTechSpace's "Joint Proof of Concept Initiative on FinTech for Fraud Prevention," overseen by the FSC. This effort brought together financial institutions and tech firms to develop innovative anti-fraud solutions using privacy-enhancing technologies (PETs), synthetic data, and artificial intelligence (AI). Additionally, the FSC commissioned the Taiwan Academy of Banking and Finance to host a "Prevention of Fraud and Financial Crimes" Co-creation Workshop, where representatives from financial, technology, and telecom industries collaboratively proposed anti-fraud technology solutions, with two outstanding proposals recognized. To present the outcomes of these activities, the FSC organized the "Thematic Achievement Showcase of Tech-Driven Prevention of Fraud" at the Taipei FinTech Expo.
In the Joint Proof of Concept Initiative section, the "Eagle Eye Anti-Fraud Alliance" initiative, led by Taipei Fubon Commercial Bank, involved collaborative efforts with several institutions, including Land Bank of Taiwan, First Commercial Bank, Chang Hwa Commercial Bank, Taichung Commercial Bank, Far Eastern International Bank, KGI Bank, Sunny Commercial Bank, and YaTing Intelligence Co. This alliance enhanced the accuracy of fraud detection models. ScamAdviser also made use of telecom fraud intelligence data and financial data to launch the "Payment Fraud Blocking Program" with Gogolook, Xinchen FinTech Co., Taiwan Business Bank, and Taiwan Cooperative Bank, utilizing federated learning to improve the effectiveness of identifying payment and remittance fraud. Additionally, Cathay United Bank, CTBC Bank, E.SUN Commercial Bank, and Taiwan Shin Kong Commercial Bank, along with experts from the National Institute of Cyber Security, promoted cross-industry data collaboration through the "Cross-Industry Federated Learning Anti-Fraud Program," strengthening fraud alert capabilities. Furthermore, Shin Kong Financial Holding Co., Shin Kong Life Insurance, Taiwan Life Insurance, Amazon Web Services (AWS), and Netron Information Technology Corp. joined forces to establish a "Life Insurance Claims Anti-Fraud Ecosystem," leveraging synthetic data to train AI anti-fraud models and enhance fraud prevention in insurance claims.
In the Co-creation Workshop section, two outstanding teams presented innovative anti-fraud proposals. The "Court Judgments Meet AI" project utilized generative AI to analyze court judgments and connect to the Ministry of Economic Affairs' Commerce Industrial Services Portal, strengthening financial institutions' risk management and fraud prevention mechanisms. The "Fox Hunting Project" focused on preventing securities investment fraud by addressing information gaps on Hong Kong penny stocks and leveraging technology to analyze fraud tactics in fake investment groups, helping financial institutions stay updated on the latest fraud trends.
The Showcase also featured a "Protecting Financial Assets from Tech-Enabled Financial Crime" Panel Discussion, where representatives from the Criminal Investigation Bureau of the National Police Agency, Ministry of the Interior, the Ministry of Digital Affairs, and participants from the four programs of the Joint Proof of Concept Initiative discussed public-private partnerships in combating fraud. They shared experiences, practical challenges, and recommendations for enhancing inter-financial institution collaboration, and explored potential scenarios and solutions to strengthen joint anti-fraud measures through advanced technology and AI.
The FSC expressed its hope that this Showcase not only provided financial institutions, FinTech companies, and co-creation teams with an opportunity to demonstrate their innovative anti-fraud technologies and solutions, but also promoted collaboration between financial and technology sectors to jointly develop more effective tools and strategies against financial crime. By sharing the latest FinTech applications, the FSC aims to enhance the industry's fraud detection capabilities, foster the development of Taiwan's anti-fraud tech ecosystem, and more effectively intercept illegal financial transactions, safeguarding the financial security of the public.
Contact: Financial Technology Development and Innovation Center
Tel: (02) 8968-0086
If you have any questions, please send an email to: https://fscmail.fsc.gov.tw
The FSC stated that to strengthen the application of technology in combating fraud and financial crime, it organized the "Prevention of Fraud and Financial Crimes" FinTech Thematic Campaign this year. All related activities have recently concluded, yielding fruitful outcomes. Notable initiatives include the FinTechSpace's "Joint Proof of Concept Initiative on FinTech for Fraud Prevention," overseen by the FSC. This effort brought together financial institutions and tech firms to develop innovative anti-fraud solutions using privacy-enhancing technologies (PETs), synthetic data, and artificial intelligence (AI). Additionally, the FSC commissioned the Taiwan Academy of Banking and Finance to host a "Prevention of Fraud and Financial Crimes" Co-creation Workshop, where representatives from financial, technology, and telecom industries collaboratively proposed anti-fraud technology solutions, with two outstanding proposals recognized. To present the outcomes of these activities, the FSC organized the "Thematic Achievement Showcase of Tech-Driven Prevention of Fraud" at the Taipei FinTech Expo.
In the Joint Proof of Concept Initiative section, the "Eagle Eye Anti-Fraud Alliance" initiative, led by Taipei Fubon Commercial Bank, involved collaborative efforts with several institutions, including Land Bank of Taiwan, First Commercial Bank, Chang Hwa Commercial Bank, Taichung Commercial Bank, Far Eastern International Bank, KGI Bank, Sunny Commercial Bank, and YaTing Intelligence Co. This alliance enhanced the accuracy of fraud detection models. ScamAdviser also made use of telecom fraud intelligence data and financial data to launch the "Payment Fraud Blocking Program" with Gogolook, Xinchen FinTech Co., Taiwan Business Bank, and Taiwan Cooperative Bank, utilizing federated learning to improve the effectiveness of identifying payment and remittance fraud. Additionally, Cathay United Bank, CTBC Bank, E.SUN Commercial Bank, and Taiwan Shin Kong Commercial Bank, along with experts from the National Institute of Cyber Security, promoted cross-industry data collaboration through the "Cross-Industry Federated Learning Anti-Fraud Program," strengthening fraud alert capabilities. Furthermore, Shin Kong Financial Holding Co., Shin Kong Life Insurance, Taiwan Life Insurance, Amazon Web Services (AWS), and Netron Information Technology Corp. joined forces to establish a "Life Insurance Claims Anti-Fraud Ecosystem," leveraging synthetic data to train AI anti-fraud models and enhance fraud prevention in insurance claims.
In the Co-creation Workshop section, two outstanding teams presented innovative anti-fraud proposals. The "Court Judgments Meet AI" project utilized generative AI to analyze court judgments and connect to the Ministry of Economic Affairs' Commerce Industrial Services Portal, strengthening financial institutions' risk management and fraud prevention mechanisms. The "Fox Hunting Project" focused on preventing securities investment fraud by addressing information gaps on Hong Kong penny stocks and leveraging technology to analyze fraud tactics in fake investment groups, helping financial institutions stay updated on the latest fraud trends.
The Showcase also featured a "Protecting Financial Assets from Tech-Enabled Financial Crime" Panel Discussion, where representatives from the Criminal Investigation Bureau of the National Police Agency, Ministry of the Interior, the Ministry of Digital Affairs, and participants from the four programs of the Joint Proof of Concept Initiative discussed public-private partnerships in combating fraud. They shared experiences, practical challenges, and recommendations for enhancing inter-financial institution collaboration, and explored potential scenarios and solutions to strengthen joint anti-fraud measures through advanced technology and AI.
The FSC expressed its hope that this Showcase not only provided financial institutions, FinTech companies, and co-creation teams with an opportunity to demonstrate their innovative anti-fraud technologies and solutions, but also promoted collaboration between financial and technology sectors to jointly develop more effective tools and strategies against financial crime. By sharing the latest FinTech applications, the FSC aims to enhance the industry's fraud detection capabilities, foster the development of Taiwan's anti-fraud tech ecosystem, and more effectively intercept illegal financial transactions, safeguarding the financial security of the public.
Contact: Financial Technology Development and Innovation Center
Tel: (02) 8968-0086
If you have any questions, please send an email to: https://fscmail.fsc.gov.tw
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- Update： 2025-07-29
