The Financial Supervisory Commission, the Taipei City Government Police Department, the Office of the Anti-Fraud Office of the Executive Yuan, the Criminal Investigation Bureau of the Ministry of the Interior, and Taipei Fubon Bank are among the thirty-two banks that will pool their resources and employ artificial intelligence (AI) to enhance their capacity to tackle fraudulent activities.
The newest AI technology is being introduced by 32 banks in Taiwan as part of a fraud identification alliance.Photo reproduced from freepik
Since the introduction of AI detection technology last year, 416 frauds totaling over 410 million dollars have been successfully stopped by Taipei Fubon Bank, and the number of high-risk cases each month has decreased by 99%. Finding irregular account activity has a notable 620-fold rise in rate. Additionally, the "AI Detection Technology Alliance" now includes 32 banks as members. By June 2024, it is anticipated that 31 banks, including Taipei Fubon Bank, would have progressively finished using AI detection technology. Afterward, there will be The AI detection technique is applicable to more than 4,300 banking venues.
The "AI Detection Technology Alliance" is based on the AI detection patent technology that Taipei Fubon Bank and Criminal Investigation Bureau of the Ministry of the Interior jointly created. Up to 50 different dynamic transaction risk criteria are covered by this approach, which can improve the effectiveness of spotting suspicious accounts. and precision to enhance the capacity to identify and stop fraud.
