In response to the Executive Yuan’s anti-fraud strategy to protect customer assets, Land Bank of Taiwan has implemented multiple approaches, such as KYC (Know Your Customer) counter care, enhanced fraud prevention measures for applying for designated accounts for transferring money, and including unusual transaction patterns as early warning indicators. With these measures in place, the Bank successfully prevented 244 cases of fraud in the past three years, safeguarding nearly NT$200 million for its customers.
With the booming development of AI technology, methods for committing fraud are changing rapidly. To counter new types of fraud, the Executive Yuan passed the “Five Methods for Countering Fraud” and established the “New Generation Counter-Fraud Strategy Action Plan Version 1.5” this year. The counter fraud strategy has been fully upgraded through education and promotion, blocking messages, blocking the flow of money, and detecting and combating fraud. The financial sector takes responsibility for blocking the flow of money in advance to prevent fraud, an important key to safeguarding the assets of the public.
In line with the country's anti-fraud strategy, the Bank actively encourages its tellers to take the initiative and ask customers security questions, strengthen fraud prevention measures for designated account transfers, and incorporate common unusual patterns of transactions into its internal early warning indicators. Furthermore, on par with the FSC and the Bankers Association policies, we have joined forces with the police authority to promote the “Anti-fraud Champaign in 368 Corners of Taiwan by Financial Institutions”. The public was made aware of various types of fraud cases and fraud methods, equipping them with the knowledge to safeguard their own property.
Based on the Bank's statistics, we were able to prevent a total of 244 fraud cases for the past three years, amounting to a cash flow of nearly NT$200 million over the past three years, remarkable results. To continue to expand the effectiveness of fraud prevention while taking into account the purpose of friendly financial services, the Bank also provides a friendly Standard Form Contract and appropriate operating procedures for disadvantaged and older customers. By implementing measures including asking customers security questions as well as monitoring, we are able to protect the disadvantaged from fraud and financial exploitation. In addition, the Bank encourages its tellers to actively ask customers questions through group incentives and commendations. This way, we are able to reduce the chance of customers being scammed while also helping the police eliminate scammers.
As a 100% state-owned bank, we are committed to constructing a friendly, robust and safe financial environment when it comes to financial inclusion. Currently, various branches are being equipped with “barrier-free service counters” and “accessibility of ATMs to handicapped individuals”. We are also in the process of installing “voice-activated ATMs” and providing sign language video interpreters. Meanwhile, we will continue to promote anti-fraud awareness, suspicious account detection, and teller care to provide the warmest and most reliable financial services to customers of different groups.
With many years of dedicated work, we have received several major awards such as the “National Sustainability Award in the Enterprise Category” from the National Council for Sustainable Development of the Executive Yuan last year, as well as the “Outstanding Bank for the Evaluation of Financial Service Industries to Treat Clients Fairly” from the FSC for five consecutive years. In the future, the Bank will adhere to the core values of “abundance, harmony, enthusiasm, and innovation” to implement financial friendliness and the government's counter-fraud policy. To sum up, we are dedicated to building a warm and safe financial environment while playing an active role in a positive environment, society and economy.
Contact person: Chu-Chia Chiang
Contact No.: 02-2348-3320
