Regulatory Alerts2026-07-07
Added · Updated
Financial Supervisory Commission Reminds the Public to Verify Payee Names When Transferring Money and to Beware of Fraud
The Financial Supervisory Commission (FSC) announced the implementation of a "Payee Name Display Mechanism for Transfers" starting late September 2025, requiring ATMs, online, and mobile banking to show partially masked payee names for verification to prevent incorrect transfers and fraud. The FSC also warned the public about ongoing fraud schemes where criminals impersonate FSC personnel to demand verification fees or financial cards, using various pretexts like money laundering involvement or stolen personal data. The FSC emphatically clarified that it never contacts the public via social media, nor does it request financial cards, passbooks, or any fees, urging vigilance and providing "165" and (02)8968-0899 as verification hotlines.