Online credit card fraud has risen 10-fold in Taiwan over the past six years. That’s according to a Central News Agency (CNA) report on Sunday, referring to new statistics released by the National Credit Card Center (NCCC).
The center said that credit card fraud resulted in NT$820.29 million in 2015 (US$25 million). Of that, NT$706 million (US$21.61 million) of that was online fraud. That’s a full 86.7 percent of all credit card fraud in Taiwan occurred over the internet.
The center said that credit card fraud had increased nearly ten times over the NT$73.33 million in losses registered in 2010.
NCCC general manager Lin Tung-liang said that credit card fraud is not unique to Taiwan. Lin said, though, that customers should not have to sacrifice security for the sake of speed and convenience.