Under the instruction of the Financial Supervisory Commission (FSC), the Taiwan Stock Exchange (TWSE) and other securities and futures market operators have proclaimed their determination to counter financial fraud during a ceremony held at the TWSE Information Exhibition Center, on the ground floor of Taipei 101, on Sept. 19, vowing to enhance anti-fraud awareness among investors.
The campaign aims to reduce fraud, after several schemes ravaged the market recently. Those involved will spare no effort in anti-fraud education and promotion, disclosing the latest fraudulent practices, preventing deceptive schemes, and warning investors about the importance of discerning the authenticity of investment messages, so that they can better avoid and resist financial fraud. The campaign will be carried out with the support of the National Police Agency and the Ministry of the Interior.
The event started with the playing of an animated film, showing the efforts and achievements of the anti-fraud campaign by the FSC and various securities and futures units. In his ceremony opening remarks, FSC Chairman Huang Tien-mu noted that the anti-fraud campaign will be carried out with unwavering resolve, a concerted effort, a sophisticated strategy, and consolidated resources. The FSC has long been collaborating closely with the Criminal Investigation Bureau in lessening investment fraud, having set up a real-time contact channel with the bureau's Anti-Fraud Center. In addition, it has established an Anti-Financial Fraud Section, enabling people to access the latest anti-fraud messages in a one-stop setting. The ceremony signals the inauguration of the anti-fraud campaign, and it will be followed by the installation of eye-catching physical and online notices, boosting investors' anti-fraud awareness and helping them to adopt proper countermeasures.
At the ceremony, TWSE Chairman Sherman Lin remarked that faced with various fraudulent schemes, along with rapid technological development, people should be aware of the three major approaches of swindlers, namely "winning of trust, lure with benefits, and exertion of pressure." Swindlers have especially targeted young investors in their 20s with low risk-awareness, whose share of new accounts now tops 45%, compared with 27% four years ago. The anti-fraud campaign aims to spread its messages to every corner of society via various channels, including taxis, buses, the MRT system, large retail outlets, convenience stores, YouTube, podcasts, and flash mob events.
Li Hsi-ho, commissioner of the Criminal Investigation Bureau, attributed the rampant market fraud to swindlers taking advantage of people's searches for investment opportunities during the pandemic. There were 4,089 cases of fraud in the first eight months of this year, up 37% year-on-year, causing NT$1.8 billion in financial losses, up 39% from a year earlier. Swindlers have ripped off people via ever changing methods and various channels, including phone calls, text messages, apps, social media, webpage ads and online platforms.
At the ceremony, the organiser arranged a performance that mixed modern dance with an animated video, to convey anti-fraud messages. Under the instruction of the FSC, the TWSE and peripheral units will subsequently push the anti-fraud campaign via a diverse range of promotional events and advertisements.
The ceremony reached its climax as the 13 dignitaries went onto the stage, jointly pushing a launch button to make slogans appear on the big screen at the rear of the stage, saying: "No answer to unknown calls, no clicking of unknown links, no acceptance of market tips, no fear of unknown threat."