Value of credit card fraud hits record high

Taipei--The value of credit card fraud reported in Taiwan hit a record high last year, the vast majority of which involved online overseas transactions, according to statistics released by the National Credit Card Center Saturday.

In 2016, credit card fraud with a total value of NT$1.3 billion was reported in the country, more than triple the NT$328 million recorded in 2013, the center said.

Eighty-nine percent of that amount -- NT$1.16 billion -- involved online transactions, a sharp increase from NT$268 million in 2013, the center said.

The center also discovered that 95 percent of the fraudulent online transactions occurred overseas, which it attributed to the popularity of shopping on overseas websites.

Source: Focus Taiwan News Channel