Taiwan alert system blocks NT$730 million in suspected fraud

台灣可疑帳戶預警系統攔截7.3億新台幣疑似詐騙案

TAIPEI (Taiwan News) — The Taiwan High Prosecutors Office said Wednesday that its suspicious account alert center, launched late last year, has blocked more than NT$730 million (US$24 million) in potentially fraudulent transactions.

The system allows prosecutors, police, and financial institutions to work together to identify accounts suspected of involvement in telecom scams. It can freeze or flag accounts before victims become aware of fraudulent activity, or in cases where victims do not report suspicious transfers intercepted by banks.

As of the end of June, prosecutors had flagged or temporarily suspended 3,642 bank accounts suspected of being used in telecom scams. Of these, 264 cases contained concrete evidence of illegal activity, underscoring the program’s early effectiveness.

To strengthen the system, the office has signed memorandums of understanding with multiple financial institutions, enabling the sharing of data on customers previously investigated for fraud and other high-risk factors. The office also integrates intelligence from banks on major fraud and money laundering with abnormal transaction reports from the Bureau of Investigation. A dedicated task force analyzes the data and directs local prosecutors and judicial police to investigate relevant cases.

The alert center aims to expand cooperation, prevent scams, and reduce financial losses for the public.