Financial Crime World

Credit Card Fraud Statistics in Taiwan Reach Alarming Levels

As of September 2022, financial authorities have released alarming statistics regarding credit card fraud cases in Taiwan. With thirty-three credit card issuing institutions operating in the country, the total number of effective cards has reached an astonishing 54.63 million.

Credit Card Statistics

  • The balance of revolving credit stands at NT$102.1 billion.
  • Approximately NT$189.8 billion in undue balances from installment plans.
  • Monthly retail sales through credit cards have dropped to NT$282.1 billion, down from NT$303.8 billion in August.
  • The average ratio of delinquency credit (passes due over three months) against account receivables stands at 0.15%, indicating a significant increase in credit card defaults.

Concerns Among Experts and Consumers

The trend has raised concerns among financial experts and consumers alike, with experts warning that the rise in credit card fraud cases could have serious consequences for both consumers and financial institutions.

Cash Card Fraud

In addition to credit cards, cash cards have also seen an uptick in fraud cases. With thirteen financial institutions offering cash cards, the total number of effective cards has reached 0.33 million. The balance of cash card loans stands at NT$12 billion, with a delinquency ratio of 1.016%, up from 0.971% in August.

Electronic Payment Institutions

Eleven specialized institutions and twenty dual- status banks offer electronic payment services, with stored value cards seeing the most notable increase. There are 156.82 million effective cards, with an average monthly retail sales amount of NT$5.8 billion.

Consequences for Consumers and Financial Institutions

Experts warn that the increasing number of defaults and delinquencies poses a significant risk to the stability of the financial system.

What You Can Do

  • Remain vigilant when using your credit cards.
  • Monitor your accounts regularly for any suspicious activity.

In related news, the number of non-cash payment transactions in Taiwan reached 3.915 billion in the first three quarters of 2022, with a total transaction amount of NT$4.5 trillion. Experts believe that this trend will continue to rise as cashless payments become increasingly popular.

Further Information

For more information on credit card fraud statistics and electronic payment trends in Taiwan, please refer to Attachments 1-8.