Nine state-owned banks, led by Mega Bank, have joined forces with technology companies to establish a groundbreaking Fin + Tech Anti-Fraud Alliance. This initiative responds to the alarming rise in global fraud cases, with a particular focus on safeguarding public assets and preserving social trust.
Global statistics reveal that fraud costs exceed $1 trillion annually worldwide. In Taiwan alone, fraud losses reached NT$12.4 billion (US$379 million) in December 2024, averaging NT$400 million (US$12.2 million) per day. Investment scams are the leading cause of global and domestic financial losses, with monetary theft being the primary goals of most fraudulent schemes.
Mega Bank Chairman Ray B. Dawn (董瑞斌) announced that the alliance brings together nine prominent technology companies and nine financial institutions in an unprecedented cross-industry collaboration. The partnership aims to deploy technological safeguards across both information and financial transactions. The chairman emphasized that legitimate financial products are never traded with cash, warning that any cash-based investment proposals should be considered suspicious.
TechOrange President and the convener of the alliance Tai Chi-chuan (戴季全) highlighted the scale of cybercrime, including fraud and ransomware, reached US$9.5 trillion globally last year, making it equivalent to the world’s third-largest economy after the U.S. and China.