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Online credit card fraud rockets in Taiwan

Staff writer |
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 the National Credit Card Center.

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Credit card fraud caused losses of NT$820.29 million (%25.14 million) last year, with online credit card fraud constituting NT$706 million, or 86.7 percent, of that sum, nearly 10 times more than the NT$73.33 million in losses caused by credit card fraud in 2010, the center said.

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

Even if they want to complete online transactions quickly, consumers should not ignore online verification processes to limit transaction risks, Lin said.

Taiwan’s e-commerce market saw sales of NT$1.07 trillion last year, more than double the NT$461.9 billion in sales recorded in 2010, according to data compiled by the government-sponsored Institute for Information Industry.

The business-to-consumer e-commerce market recorded revenue of NT$613.8 billion, or 60.96 percent, for last year, while the consumer-to-consumer market was worth NT$393.1 billion, according to the institute’s data.

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