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Banks should notify their clients of any online transaction of more than NT$3,000 (US$108.50) via text message, smartphone app or e-mail, the Financial Supervisory Commission (FSC) said yesterday, as it lowered the limit from NT$5,000 to prevent credit card fraud amid increasing reports of cases involving smaller amounts. The Bankers’ Association of the Republic of China (銀行公會) and credit card issuers reached a consensus on lowering the threshold in a meeting held by the commission on Jan. 4, the FSC said yesterday, adding that banks would have six month to update their systems. “We noticed that the average amount in card frauds

T ai peiHsin pei shihRepublic of chinaTaiwan generalKelson wangFinancial supervisory commissionBanker association of the republic chinaBanking bureauTaipei timesKao shih chingBanker associationBureau chief secretary phil tongNew taipei cityBanciao districtThe taipei times