The Expansion of the "Eagle Eye Anti-Fraud Alliance"! 32 Banks Joined & the Police and the Banks Formed a Fraud Defense Line
The First Large-scale Cooperation Between Public and Private Sectors in the History of Police & the "Eagle Eye Model" is Expected to be Launched Throughout Taiwan in June Next Year
In recent years, fraud cases have become increasingly rampant. In order to improve the effectiveness of fraud prevention, the Anti-Fraud Office of the Executive Yuan, the Criminal Investigation Bureau, the Financial Supervisory Commission, the Taipei City Police Department, Taipei Fubon Bank and other 32 banks jointly organized the “Eagle Eye Anti-Fraud Alliance” Swearing Ceremony today (16th) to declare their determination to fight fraud. At the scene, the colleagues from the Anti-Fraud Office led by Ping-Cheng Lo, Minister without Portfolio of Executive Yuan, Huai-Jen Lee, Parliamentary Secretary of the Ministry of Digital Affairs, Tsuey-Ling Hsiao, Vice Chairperson of the Financial Supervisory Commission, Yong-Li Chen, Deputy Director-General of National Police Agency of the Ministry of the Interior and the representatives of 32 banks jointly announced the formation of an anti-fraud defense line, which has become the first large-scale cooperation between the public and private sectors in the history of Taiwan's police, demonstrates the new value of the financial institutions and achieves the backing to protect the safety of the people's assets.
The “Eagle Eye Anti-Fraud Alliance” was born from the patented AI detection technology of "Eagle Eye Model" jointly developed by Taipei Fubon Bank and the Criminal Investigation Bureau of the Ministry of the Interior. The model covers more than 50 types of dynamic transaction risk parameters, which strengthens the efficiency and accuracy of suspicious account identification and enhances the ability of fraud detection and interception and makes it a new technological tool for the financial industry to fight against fraud. In order to reduce the incidence rate of fraud, after using the "Eagle Eye Model" with good results, Taipei Fubon Bank and the Criminal Investigation Bureau jointly launched the "Eagle Eye Anti-Fraud Alliance" to share the patented technology with the members of the alliance, in the hope of strengthening the effectiveness of fraud prevention through the interbank cooperation and providing a more secure financial environment for the public.
The alliance has expanded to 32 banks, with Taipei Fubon Bank continuing to serve as the convenor, and CTBC Bank, Chunghwa Post, E.SUN Bank, Bank SinoPac, Shanghai Commercial Bank, Taishin International Bank, Yuanta Commercial Bank, First Bank, Mega Bank, Hua Nan Bank, Line Bank, Next Bank, Union Bank of Taiwan, Cathay United Bank, Chang Hwa Bank, Bank of Taiwan, Taiwan Business Bank, Taichung Commercial Bank, Taiwan Cooperative Bank , Shin Kong Bank, Entie Commercial Bank, KGI Bank, Bank of Panhsin, Far Eastern International Bank, King’s Town Bank, Sunny Bank, Hwatai Bank, COTA Bank, Rakuten Bank, O-Bank, and Taipei Star Bank are expected to complete the application of the "Eagle Eye Model" before June 2024, by which time there will be more than 4,300 financial locations in Taiwan covered by the "Eagle Eye Model" to protect them from criminals.
Ping-Cheng Lo , Minister without Portfolio of Executive Yuan, pointed out that fraud techniques are emerging in endlessly, and only through cross-department, cross-ministerial and cross-field cooperation can we effectively prevent fraud. This year, the Executive Yuan proposed an enhanced version of the "Next-generation anti-fraud strategy guidelines, version 1.5" and revised the "Five Anti-Fraud Acts", hoping to further block fraudulent messages from finance, internet, telecommunications and other sources through legal and technical aspects, so as to achieve the "three reductions" synergistic effect of reducing exposure, reducing deception and reducing harm. The Executive Yuan has also established an Anti-Fraud Office to coordinate, supervise and coordinate the anti-fraud efforts of various ministries and agencies, and integrate government and private resources. We look forward to the expansion of the "Eagle Eye Anti-Fraud Alliance" to maximize the energy of public-private collaboration and effectively increase the effectiveness of the country's efforts to combat fraud and crime.
Yong-Li Chen, Deputy Director-General of National Police Agency of the Ministry of the Interior, said that on the issue of fraud prevention, the public sector has the most complete information, while the private sector has rich and diverse resources and platforms, and that cooperation between the public and private sectors can produce the greatest benefits for society. Taipei Fubon Bank has developed the "Eagle Eye Model" using the fraud crime patterns provided by the Criminal Investigation Bureau. The two parties further cooperated to promote the "Eagle Eye Anti-Fraud Alliance" to make the model more widely used and fully play its role in blocking the flow of fraudulent funds. It is said to be the best example of public-private collaboration. I also hope that more public and private units will join the fight against fraud in the future and take a multipronged approach to keep fraud away.
Tim Kuo, President of Taipei Fubon Bank, said that fraudulent crime has become the main and serious type of crime in Taiwan in the past three years, and the number of alert accounts has exceeded 100,000 as of June this year, which is a seven-fold increase as compared to ten years ago, and it has become a major challenge to the society. A stable financial order is the foundation of social and economic development. The proliferation of fraudulent cases not only harms people's property, but also destroys people's trust in the financial system, weakens economic stability, and affects the long-term development of industries and technologies. Therefore, Taipei Fubon Bank actively invests in the research and development of fraud prevention mechanisms and has taken the initiative to initiate alliances to share patent. We hope to work together with all sectors to eliminate the threat of fraud, promote the new value of financial institutions in maintaining social stability.
Although the convenience of technology has given rise to a variety of fraudulent methods, technology can also be utilized to effectively intercept the frauds. Administration for Digital Industries of the Ministry of Digital Affairs has been providing subsidies and guidance to enterprises to develop innovative AI technology solutions. In September this year, the “Eagle Eye Model” of Taipei Fubon Bank was successfully awarded a subsidy under the “AI Pilot Promotion Program” which demonstrates the country's recognition of financial institutions' commitment to digital innovation and cross-border cooperation. After the “Eagle Eye Model” was activated last year, 416 fraudulent cases were successfully intercepted from January to October this year, with the amount of money blocked exceeding NT$410 million. The number of high-risk cases per month has dropped by 99%, and the detection rate of abnormal accounts has increased by 620 times which has demonstrated the potential of using technology to promote financial security.
With the mission of protecting the assets of customers and the public, Taipei Fubon Bank will continue to promote the development of multiple fraud detection models in the future, expand the scope and capability of fraud prevention, actively invest in industry-academia cooperation to cultivate talents in the field of financial technology, utilize technology to lead the industry to improve the capability of financial security and make more contribution to ensuring the protection of financial security in Taiwan.