TAIPEI (Taiwan News) — HSBC Bank (Taiwan) joined the Eagle Eye Fraud Detection Alliance on Wednesday to work alongside 35 local banks and the police to prevent financial fraud.

HSBC Taiwan President and CEO Chen Chih-chien (陳志堅) said in a press release the bank is the first from outside of Taiwan to join the alliance. Chen said joining means the bank can access the alliance’s resources to monitor suspicious transactions and respond to them faster.

The press release said the alliance uses a fraud detection model specifically designed for Taiwan that assesses fraud risk in real time. It said the model uses AI and machine learning to identify fraud patterns and automatically warn customers.

HSBC said it would also improve fraud prevention training for its customer service staff. It said this would target vulnerable groups such as the elderly and those who infrequently visit its branches.

A 2024 survey found bank transfers were the most common way for Taiwanese to transfer funds to fraudsters. The Global Anti-Scam Alliance report found nearly 40% of scam victims surveyed transferred money to scammers this way.