Scam tactics are ever-evolving, and major banks in Taiwan are cooperating with the government to strengthen fraud prevention measures. Recently, several major banks have continuously lowered ATM withdrawal and online transfer limits, and even introduced facial recognition systems and delayed fund transfer mechanisms to help the public safeguard their finances.
Strictly preventing fraud: Many banks in Taiwan update withdrawal and transfer limits
In recent years, fraudulent investment and online shopping scams have become rampant. According to the Ministry of the Interior's Police Department 'Fraud Dashboard' statistics, losses from fraud cases across Taiwan reached NT$8.91 billion in June this year, with 'fake investment' scams accounting for NT$4.58 billion, involving over 3,000 cases.
To ensure the safety of public funds and strengthen government fraud prevention policies, major banks across Taiwan have recently lowered withdrawal limits to prevent victims from being instructed by fraud groups to withdraw large amounts of cash.
A quick guide to the new withdrawal limits of major banks
Currently, several banks have recently adjusted their withdrawal limits, including Taishin, Cathay, Mega, H Bank, and the post office. The adjustments cover digital accounts, ATM withdrawals, online bank transfers, and more. Below are the key adjustment highlights:
Bank fraud prevention upgrades: Introduction of withdrawal detection alert systems
In addition to amount limits, banks are also introducing more refined fraud prevention technologies. For example, some ATMs at Mega Bank have installed 'face masking detection systems'; if it detects a withdrawn person wearing a mask or operating the ATM while on the phone, it will immediately emit an alert sound to remind users of scam risks, preventing withdrawals under the control of scam groups.
In addition, some banks have also adjusted the rules for funds transferring into digital accounts. For example, from July 19, Chunghwa Post's financial card designated transfer accounts will no longer take effect immediately, but will require a waiting period of two working days to prevent abnormal account transfers.
Public Reminder: Money Cannot Be Withdrawn
This wave of 'withdrawal limits' also simultaneously affects the public's lifestyle and consumption habits. Chain News reminds readers to pay attention to the details of their account level limits or whether they have a third-class digital account; if there is a need for large withdrawals, it is necessary to make an appointment in advance at the counter or seek assistance from bank staff. Additionally, users should make full use of the alerts, fraud prevention mechanisms, and customer service channels provided by the bank to ensure transaction safety.
Although withdrawals are inconvenient, these measures are the primary compromise made by banks and the government to curb fraud. Authorities also urge the public to face the threat of fraud, proactively update account passwords and permissions regularly, and work with financial institutions to create a safer financial environment.
This article: Can't withdraw money? New ATM regulations from various banks, understand withdrawal and transfer limits at a glance. First appeared in Chain News ABMedia.
