54 Financial Institutions Display Account Holder Names for Transfers, Alert Accounts Drop to 137,000

TAIPEI (CNA) - The Financial Supervisory Commission (FSC) announced today that to address the issue of incorrect transfers due to inputting wrong account numbers, it has guided the Financial Information and Services Inc. (FINSP) and the Bankers Association in establishing a transfer account name display mechanism. A total of 54 financial institutions are now online with this service, and the number of alert accounts has decreased from 154,000 in the third quarter of last year to 137,000 by the end of May this year. Based on statistics and public feedback, the mechanism has proven effective in preventing fraud.

The transfer account name display mechanism allows individuals to see a partially masked name of the recipient, such as "Wang O Ming," after entering the full account number for transfers via ATM, online banking, or mobile banking. This helps users verify if they are transferring funds to the correct account.

Wang Yun-chung, deputy director of the FSC's Banking Bureau, stated today that in the past, transfers via ATM or online banking often resulted in errors because the recipient's name was not displayed. The FSC has guided FINSP and the Bankers Association in establishing the "Transfer Account Name Display Mechanism," which began implementation at the end of September 2025. Currently, 54 financial institutions are online. Additionally, EZPay, O-Pay, and Standard Chartered Bank are expected to go live this year, while ALLPAY, Simple Pay, and EasyCard are in the planning stages, with the aim of having all financial institutions join.

Wang Yun-chung reminded the public to carefully check the displayed recipient name on the screen before pressing the confirmation button to avoid mistakenly transferring funds or falling victim to impersonation scams by criminals.

Regarding the effectiveness of the mechanism, Wang Yun-chung pointed out that the number of alert accounts has shown a downward trend: 154,000 in the third quarter of last year, 150,000 in the fourth quarter, 143,000 in the first quarter of this year, and a further decrease to 137,000 in May. Since the implementation of the mechanism, there has been an 11% reduction. While it cannot be directly proven to have an absolute correlation with the transfer account name display mechanism, statistical trends and public feedback indicate that it has played a role in fraud prevention.

The FSC stated that scam groups are currently impersonating FSC personnel through social media platforms and messaging apps, demanding that the public pay verification fees for various reasons or mail their financial cards. The FSC emphasized that these are all tactics used by scam groups and urged the public not to believe them.

Wang Yun-chung reiterated that the FSC will never contact the public via text messages, LINE, or any social media software. The FSC will also never ask the public to hand over their financial cards or passbooks, nor will it request payment of verification fees or deposits. The public is urged to remain vigilant and verify information carefully. (Editor: Chang Chun-mao) 1150707

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