Did you know this? I didn’t…
INFORMATION FOR EXPATS
29 Jan 2994
TAIPEI, Taiwan, The China Post Staff
The Ministry of Finance (MOF) yesterday issued a new instruction requiring all shops in Taiwan to print only the final four digits of customers’ credit card numbers printed on invoices to prevent forgery of the cards.
Companies that fail to comply with the regulations that took effect on Jan. 1 will be subject to penalties, said MOF officials. The fines will be equal to one percent of the transaction value as shown on the invoices. The MOF may levy consecutive fines until the companies correct the situation.
They said that firms have been given a buffer period of three months to modify their computer systems in accordance with the new rules.
Many large department store chains, wholesale stores, supermarkets, and book store chains have not yet completed the revisions of their systems.
The full disclosure of credit card numbers puts consumers and card-issuing banks at financial risk because con artists may easily produce counterfeit cards from the available data.
Consumers are advised to check their invoices after each transaction to make sure that their card numbers are not fully printed.