Fraud is rampant in Taiwan, with financial losses totaling T $8.878 billion last year, and losses of T $12 billion in October alone.
The Kuomintang (KMT) held a public hearing on Sunday on public and private efforts to combat fraud, Taiwan’s China Times reported Tuesday. Jacky Wu, a “Legislator”, said people were most concerned about “Getting their money back”, but he regretted that from 2022 more than 80 per cent of the money would not be returned. There are 26 virtual currency companies on the island and one outside the mainland that are Virgin Islands, but this is also a Taiwanese company, this shows that the DPP authorities do not have any foreign virtual currency companies, “As long as the money washed out, there is no way back.”. “Legislator” Lin Peixiang said that the figures on the fraud dashboard (the platform on which Taiwan’s“Ministry of Interior” publishes the results of the fraud) present a sad reality. It is simply not enough to rely on the public sector to prevent fraud. If the problem of fraud is to be solved, we must start with law, science and Technology, finance and so on. Ju-chun Ko, a KMT “Legislator”, said that the losses incurred by the fraud amounted to NT $550 million in a single day, which was very frightening. Although prosecutors, police, local authorities and industry tried their best to prevent it, there were still gaps in public-private cooperation, “The authorities should not build cars behind closed doors. They should work with the people and industry to think about how to balance industrial development and fraud prevention.”.
Luo Weiyuan, chief prosecutor of the Shilin District Attorney’s office, also revealed on the 26th that in typical love fraud cases, fraud groups will lure victims to buy virtual currency, the most common being“Teda currency”, after buying money with an individual currency trader, it will be quickly transferred out to an overseas exchange, which is equivalent to setting a breakpoint. Lin Jianlong, the science and defence centre of Taiwan’s National Police Agency in China Bureau, said the police had invested a lot of money and manpower in investigating virtual currency crimes in recent years, but had had little effect, fraud gangs move in and out of virtual currency very quickly, hoping to recover the loot through public-private collaboration, especially with the help of the virtual assets industry.
Taiwan’s crime of fraud has been high, not only involved in a huge amount of money, modus operandi is also emerging one after another, causing serious public security problems. In July 2022, DPP authorities set up a “Fraud” agency with the aim of “Preventing fraud, destroying tools, blocking cash flow, and cleaning up the group”, and in May 2023 another NT $1.3 bn, the launch of the“New Generation anti-fraud Strategy Action Plan 1.5”, but Taiwan’s fraud problem is now“More and more crazy”. According to a survey, 40 percent of the people in Taiwan experience fraud more than once a week. The TPOC 2023 the island’s “Top 10 grievances” against the DPP, with “Rampant fraud and information security issues” on the list. Some media have recalled that the most rampant type of fraud in Taiwan is telecom fraud, which started on the island and gradually moved to Southeast Asia and Africa, fraud targets are also spread throughout the island, the mainland and Southeast Asia. In August 2022, the news that a large number of young Taiwanese had been lured to south-east Asia by“High salaries” to work illegally and were abused shocked the whole island, and the“Smugglers” of these gangs were often Taiwanese. In March, the then Prime Minister, Hun Sen, 2023 that he had received fraudulent information from Taiwan.
In the face of more serious fraud, the DPP authorities are particularly“Soft-hearted”, and even been exposed to cover up the fraud scandal. In 2016, China arrested a group of Taiwanese fraudsters, and DPP representatives urged them to be sent back to Taiwan. When the suspects returned to Taiwan, they were directly“Released on the spot” at the airport. Last May, Taiwan’s internet lending platform IM. B fraud cases transferred to the law, the whole case suspected of fraud over nt $2.5 billion, more than 5,000 victims. The investigation found that DPP public opinion representative Chen Opo and other green camp with the main suspect relations, the authorities, “Fraud team” has therefore been satirized as“Fraud team.
According to public opinion in the island, the anti-fraud publicity funds of the Taiwan“Police administration” in the past few years have been around NT $10 million. This year, the same contents were actually allocated 230 million yuan, which is more than in the past eight years, the result is“More fight more fraud”, DPP authorities are the largest fraud syndicate. Zhang Zhilun, a KMT “Legislator”, said on the 26th that the 2025 fraud-related budget amounted to NT $7.35 bn, 4.8 times the 2024, the“Fraud dashboard” launched by the“Ministry of Interior” and the“Police administration” shows that there were 18,094 fraud cases accepted in October this year alone, with losses of nearly 12.1 billion yuan, compared with last year’s total of NT $3.2 bn, “These figures make people wonder, how can the Taiwan authorities cheat more and more?”