Financial Crime World

Taiwan Fights Back Against Financial Crime: Government Unveils New Strategies to Protect Individuals

Combating the Growing Menace of Financial Crime

In a bid to tackle the rising threat of financial crime in Taiwan, the Executive Yuan has unveiled a comprehensive set of guidelines aimed at identifying, preventing, intercepting, and punishing fraud. This new strategy comes on the heels of the government’s recent amendment of five key laws to combat fraud.

Promoting Awareness and Cooperation

The government plans to promote awareness campaigns across all sectors, enlisting cooperation between central and local authorities as well as public and private entities. The goal is to introduce anti-fraud concepts into legal education and raise public vigilance against fraudulent activities.

Strengthening Digital Trust Technologies

  • 111 SMS Short Code: The government will focus on strengthening digital trust technologies, such as the “111” SMS short code used exclusively for official government messages.
  • E-commerce Security: E-commerce companies are expected to enhance data security and adopt technology that substitutes a recipient’s phone number with a proxy number to protect personal data and online shopping environments.

Intercepting Fraudulent Transactions

  • Confirmation Questions: Financial institutions will be encouraged to ask confirmation questions for large in-person transactions.
  • Designated Accounts: Anti-fraud measures will be strengthened in applications for designated accounts, virtual asset trading platforms, online game companies, and third-party payment providers.

Punishing Fraud

The government has established the Fraud and Cybersecurity Center to:

  • Crack down on Violent Gangs: Punish fraudulent groups and cut off illegal money flows.
  • Improve Confiscation of Criminal Proceeds: Restitution of stolen assets and assistance for fraud victims.

Goals of the New Guidelines

  • Reduce exposure to financial crime
  • Reduce deception and harm caused by fraud
  • Ensure greater security for individuals’ property and assets in Taiwan