Reported 7 months ago
On June 12, 2024, at 4:10 p.m., Taiwan, to combat fraud and financial crimes, encourages financial institutions to adopt innovative technologies like digital identity verification, AI, data sharing, and privacy-enhancing techniques to reduce fraud risks. With the rapid development of generative AI technology, fraud cases and financial losses globally are on the rise, making Taiwan a 'fraud island.' Measures like the 'Anti-Fraud New Four Laws' recently passed by the Executive Yuan aim to strengthen responsibilities of online advertisement platforms and financial institutions and increase penalties for fraud. Through various AI applications focusing on analyzing transaction data, identifying fraudulent patterns, enhancing identity verification, and real-time monitoring of transactions, financial institutions aim to prevent fraud effectively. Cooperation such as the 'Eagle Eye Fraud Recognition Alliance' formed by banks and government units and technologies like 'Far EasTone Copilot Fraud Prevention Assistant' incorporating Azure OpenAI's latest applications are being utilized to combat financial fraud effectively.
Source: YAHOO