TAIPEI (Taiwan News) — Financial fraud complaints in Taiwan hit a new monthly high of 100 cases in August, while a total of 523 such complaints were received, the Financial Supervisory Commission (FSC) reported Tuesday (Sept. 24).

Over-the-counter interventions by Taiwanese financial institutions have stopped 6,915 fraudulent transactions in the first seven months of the year. This prevented losses of more than NT$4.7 billion (US$147.6 million), per CNA.

Kao Ching-ping (高晶萍), Securities and Futures Bureau deputy director-general, said that most investment scams involve three common tactics. Methods include promoting fake investment apps that promise guaranteed profits, impersonating financial institutions, and offering high-yield virtual currency investments.

Kao stressed that the FSC does not request any financial payments from the public and never commissions businesses to do so. The FSC also does not communicate with individuals through social media or text messages.

Since its launch on April 10, 2023, the investment scam advertisement reporting mechanism has recorded nearly 55,000 online scams as of Aug. 31. August saw a four-month low of 4,147 reported cases, down 885 from July.

The FSC has required online and mobile banking apps to display warning messages, Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) noted. Scheduled transfers have also been delayed from the next business day to the day after to reduce fraud risk.

Currently, seven banks are testing a system to flag suspicious domestic financial accounts. The system will eventually be used by all domestic banks, credit cooperatives, and electronic payment institutions.

Following the passage of the four anti-fraud bills, Lin said the FSC plans to finalize the necessary regulations by the end of the year to help in its fight against fraud.