Chunghwa Post in Taiwan Tightens Security: New Measures to Combat Fraud

Boosting Security and Protecting Customer Funds: Chunghwa Post Announces Fraud Prevention Initiatives

TAIPEI, Taiwan – Chunghwa Post, the national postal service of Taiwan, has implemented new measures to enhance security and combat fraud involving postal debit cards.

According to reports, Chunghwa Post detected 510 fraudulent cases between January and March this year, resulting in losses of NT$2.31 billion (US$76.44 million).

In response to the growing threat, Chunghwa Post is introducing several key changes. Effective May 28th, the daily withdrawal limit for postal VISA debit cards has been decreased from NT$150,000 to NT$100,000. The company noted that this adjustment aligns with the industry standard, as many financial institutions set ATM withdrawal limits between NT$100,000 and NT$150,000. Chunghwa Post anticipates that the reduction will minimally affect the majority of its customers and will not significantly disrupt regular usage.

Further enhancing security, a change is planned for designated transfer-in accounts linked to postal debit cards. Starting July 19th, the effective date for these accounts will be two days after the application date, rather than the application date itself.

Chunghwa Post explains that these measures aim to minimize transaction risks and strengthen account security. By limiting the speed and scale of withdrawals, the new policies make it more challenging for fraudulent schemes and their money mules to access large sums of money. Furthermore, Chunghwa Post has entered a cooperation agreement with the Taiwan High Prosecutors Office to strengthen their collaborative efforts in combating financial crime.