National Campaign to Prevent Fraud

        With the rapid development of digital technology, there are endless ways of fraud, and preventing fraud has become a national issue. How to strengthen anti fraud propaganda and enhance public awareness of financial fraud has become an urgent task. This issue of 'Finance Column' introduces common types of fraud and prevention methods to help you safeguard your property security.

                In response to the constantly evolving forms and methods of fraud, Taiwan passed the "New Four Anti Fraud Laws" on May 9, 2024, including the draft of the Anti Fraud Law "Fraud Crime Harm Prevention Regulations" and three supporting laws ("Money Laundering Prevention Law", "Communication Security and Supervision Law 2 Amendment Draft", "Technology Investigation and Security Law Draft"), which were read three times on July 12 and 16, 2024, to improve the protection network and unite the forces of all sectors to protect people's rights and interests. As a pioneer in Far Eastern Group's financial services field, Oriental Securities Corporation is fully committed to anti fraud work, hoping to fully leverage its role as a securities firm, assist investors in enhancing anti fraud awareness, and protect their own rights and interests.

        Common forms of securities fraud

        Recently, there have been frequent incidents of fraud groups using various channels to solicit people to join investment groups and then defraud money. Common methods include: impersonating financial institutions or market supervision units to commit fraud, persuading people to join investment through illegal financial trading platforms, or using text messages and LINE groups to persuade people to buy stocks, even using the name of new stock subscription to commit fraud, or promoting unlisted OTC stocks, virtual currency fake trading platforms... Some fraud groups even use AI face swapping technology to impersonate well-known investment experts or create videos of family and friends. If the public fails to investigate, they may fall into the trap of fraud.

        In addition to impersonating others or third-party financial institutions, fraud groups also use company identification marks to establish fake websites, impersonate phishing websites, or use domain names similar to company names to lure people into clicking on websites to steal personal information. Not only that, but also copied the download page of the App Store, sending website links through channels such as SMS, communication software, and investment groups to lure investors into downloading counterfeit apps. Therefore, investors are reminded to search and download securities firm issued apps on official platforms such as the App Store or Google Play. Taking Oriental Securities Corporation as an example, download links for all investment tools, programs, and related documents, including the App, can be found on the download center of the Oriental Securities Corporation's official website, allowing the public to click with peace of mind.

        Technology fraud prevention achieves twice the result with half the effort

        According to survey data from international organizations, financial fraud has become a global threat, with increasing numbers of fraud cases and financial losses in various regions. Given that Taiwan has been heavily involved in fraudulent activities such as "investment fraud," "installment payments," and "fake online auctions" in recent years, the Financial Supervisory Commission encourages financial institutions to collaborate with telecommunications and technology companies to use innovative technologies such as digital identity verification, artificial intelligence (AI), data sharing, and privacy enhancement to jointly prevent fraud and financial crimes. Therefore, biometric technology, federated learning, natural language processing, machine learning, network analysis, and other technologies have been gradually applied to confirm customer identities, detect abnormal transactions and head accounts, block malicious web pages and fraud messages, identify new forms of fraud, and conduct substantive beneficiary reviews to enhance the effectiveness and accuracy of anti fraud measures.

        Anti fraud "three no's and three requirements" and "one level, two questions, three checks"

        Although fraud methods vary greatly, in fact, as long as one masters the "three no's and three musts" principle (not listening to unknown sources of information, not joining unfamiliar investment groups, not using guaranteed profit apps, being vigilant, verifying, and reporting to the police), risks can be avoided. According to statistics from the National Police Agency, there were 4167 fraud cases in 2022 where victims were elderly people aged 65 and above. On average, 11.4 fraud cases occurred among the elderly population every day. Common methods include imitating friends and family, investment fraud, impersonating police officers, and online shopping. Remind the elderly to remember the mnemonic "one pass, two questions, three checks" - close the door to prevent criminals from entering the home (one pass), ask the name, unit, and purpose of the visitor through the door (two questions), and quickly call the 165 anti fraud hotline or (02) 2737-3434 securities and futures anti fraud consultation hotline for verification (three checks). It is worth noting that anyone who requests the parties to provide their passbooks and password must be committing fraud.

        Oriental Securities Corporation implements fraud prevention and customer care measures

        Oriental Securities Corporation has established an "Anti Fraud Zone" on its official website to continuously promote and update new knowledge related to fraud. Remind investors to exercise caution and conduct multiple verifications in the face of unknown phone calls, text messages, social media, website advertisements, and other information to safeguard their investment rights. In addition to its official website, Oriental Securities Corporation also promotes anti fraud knowledge through various channels, including holding investment lectures or customer briefing sessions, and requires frontline business personnel to conduct KYC (Know Your Customer knows your customer) interviews, reminding customers to stop watching and listening before investing in wealth management, paying attention to risks, and confirming that investments or transactions are carried out through legitimate financial institutions. It also informs customers that they can visit the "Financial Supervisory Commission Financial Intelligence Network" to learn more about fraud patterns.

        In summary, preventing fraud requires not only human assistance, but also self-help and constant vigilance. After all, fraudsters go to great lengths, exploiting people's trust and eagerness to create one trap after another. When you learn to identify fraudulent methods, raise awareness of fraud prevention, and adopt the correct response strategies, you can protect your own and your family's property safety.

        *Image source: freepik

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