FSC ramps up fight against credit card fraud

TAIPEI (TVBS News) — In response to the rising threat of credit card fraud, the Financial Supervisory Commission (FSC, 金融監督管理委員會) has intensified its preventive measures to safeguard the public against phishing scams and unauthorized transactions on Wednesday (May 1).

The FSC's ongoing efforts aim to mitigate losses from credit card fraud, emphasizing the importance of vigilance among cardholders.

Enhanced Security Measures

The FSC has observed a trend where fraudsters employ various tactics to obtain credit card numbers and One-Time Passwords (OTP) for illicit transactions. These include unauthorized charges on digital wallets such as Apple Pay, Google Pay, or Samsung Pay.

To combat this, the FSC advises the public to scrutinize URLs and text message content for authenticity, recommending a call to the "165" anti-fraud hotline for verification of suspicious communications.

Furthermore, the commission urges consumers to carefully read OTP verification messages during transactions, ensuring the details match the intended purchase.

Financial institutions have been directed to adopt reinforced measures, including lowering the threshold for instant transaction notifications to NT$3,000, enhancing the content of OTP messages, improving anti-fraud mechanisms for mobile payments, and strengthening risk management in credit card transaction authorizations.

Ongoing Vigilance

The FSC reiterates the importance of staying alert to various forms of deception, including fake news, phishing texts, and one-page advertisements. It pledges to continuously monitor patterns of credit card fraud and adjust preventive strategies accordingly to reduce the risk of unauthorized charges.

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