Financial Crime World

Taiwan Police Crack Down on Massive Identity Theft and Financial Crime Ring

In a significant crackdown, Taiwanese authorities have arrested over a dozen suspects allegedly involved in a large-scale identity theft and financial crime scheme.

Suspects Arrested for Stealing Credit Card Details

The Criminal Investigation Bureau (CIB) announced that 15 individuals, including the prime suspect identified as Chen, had been taken into custody for stealing credit card details to make fraudulent online purchases. The suspects used stolen login credentials to buy items such as:

  • Cosmetics
  • Perfumes
  • Electronics

These items were then resold with the Chinese hackers receiving a 40 percent cut of the profits.

Investigation Timeline and Raids

The investigation began after a popular e-commerce operator in Taiwan reported a suspected breach of its platform. Over several months, police conducted multiple raids in Taipei and New Taipei, seizing dozens of mobile devices including:

  • Smartphones
  • Tablets

Identity Theft Facilitated by Chinese Hackers

The CIB revealed that the identity theft was facilitated by two Chinese hackers who collaborated with Chen on an internet forum. The suspects allegedly hacked into the databases of various retail stores, supermarkets, e-commerce websites, food delivery platforms, and electronic payment systems to steal login details from Taiwanese individuals.

Charges and International Cooperation

Those arrested are being investigated for alleged:

  • Fraud
  • Offenses against computer security under the Criminal Code
  • Violations of the Money Laundering Control Act

Authorities in China have been notified and asked to track down the two Chinese suspects in accordance with the Cross-Strait Joint Crime-Fighting and Judicial Mutual Assistance Agreement.

Impact and Illicit Gains

It is believed that around 100 people have had their information compromised in the scam, with illicit gains expected to be in the millions. The investigation is ongoing, and authorities are working to recover stolen funds and bring those responsible to justice.