Online credit card fraud totaled NT$706 million in 2015

Taiwan News
Date: 2016-05-15
By: Central News Agency

Online credit card fraud has risen 10-fold in Taiwan over the past six years as e-commerce continues to carve out a greater share of domestic retail sales, according to statistics of the National Credit Card Center of R.O.C. (NCCC).

Credit card fraud caused losses of NT$820.29 million in 2015, and NT$706 million (US$21.61 million) of that, or 86.7 percent, was online credit card fraud, the NCCC said.

That was nearly 10 times more than the NT$73.33 million in losses caused by credit card fraud in 2010.

Credit card fraud is not a problem unique to Taiwan, especially as online transactions grown in popularity around the world, but consumers here still should not sacrifice security for the sake of speed and convenience, said NCCC general manager Lin Tung-liang.

Even if they want to make online transactions quickly, consumers must not ignore the online verification process to limit transaction risk, Lin said.     [FULL  STORY]

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