At the “Financial Anti-Fraud High-Level Forum” organized by the Financial Supervisory Commission (FSC) on August 5, 2024, Premier Jung-tai Cho personally recognized bank tellers for outstanding performance in checking on customer welfare. The Bank of Taiwan (BOT) was invited to participate in the Forum and received an award from the competent authority recognizing its commitment to fraud prevention and the diligence of tier-1 bank employees in stopping fraud.

A BOT customer recently came into the bank and wanted to make a wired transfer of NT$10 million over the counter. The customer explained that he/she had been living overseas but had now decided to return to Taiwan due to old age and to seek medical treatment. The payment was needed to secure a place at an aged care facility referred by a friend/relative. The bank employee contacted the receiving the bank to investigate, and learned that the company’s bank account showed signs of suspicious activity and may be involved in fraud. BOT then worked with the police to block the transaction and safeguard the older customer’s assets in another demonstration of the bank cooperating with the police on fraud prevention.

BOT is continuing to implement the enhanced fraud prevention measures of the FSC under the leadership of Chairperson Lu. In addition to the hosting of ad hoc training sessions and awareness seminars to boost employee and public awareness on fraud prevention, BOT also joined forces with the police to protect the public against fraud and serve as a safety net against illegal money flow.

BOT was one of the leading financial institutions for fraud prevention in 2023, blocking 524 fraud attempts involving more than NT$410.08 million. Customer savings were protected thanks to alert and caring front-line employees. The bank has formulated incentives to recognize business units for their accomplishments in fraud prevention and to boost employee morale. In the future, BOT will continue to uphold its business philosophy of caring about customers and exerting a positive influence in the finance sector.