President Lai Ching-te (賴清德) attended an anti-fraud forum on Thursday, giving insight into the government’s various policies to combat fraud, including an additional NT$7.3 billion (US$224.5 million) budget increase.
Lai says the Cabinet has established an anti-fraud office to coordinate among various ministries and agencies and passed four new anti-fraud laws to eliminate the activity from its source, increase criminal liability, and provide legal guidance to victims.
Lai says the government is updating its anti-fraud strategy with new guidelines that require advertisers to use real names, along with technology, including AI, capable of detecting 5,000 to 10,000 fraudulent social media advertisements each year. Lai adds that the introduction of a virtual currency verification system will further prevent relevant scams.
Around 70% of fraud cases in Taiwan are investment frauds, according to Lai, who reminds the public to check the Interior Ministry’s anti-fraud dashboard and verify with the police when approached about investments, especially if they request account information or ask to be transferred money.