TAIPEI (Taiwan News) — Taiwan’s Chunghwa Post has announced new restrictions on postal debit card transactions to combat fraud.

Chunghwa Post said it intercepted 510 fraud cases involving NT$2.31 billion (US$76.44 million) from January to March this year, CNA reported. 

As a result, it said that starting May 28, the daily withdrawal limit for postal VISA debit cards will be reduced from NT$150,000 to NT$100,000. The company noted that most financial institutions set daily ATM withdrawal limits between NT$100,000 and NT$150,000, so the adjustment still falls within industry standards. The lower limit is expected to affect only a small number of depositors and should not impact normal usage.

On July 19, the effective date for designated transfer-in accounts linked to postal debit cards will be changed from the application date to two days after the application date.

These measures reduce transaction risks and improve account security by making it more difficult for fraud rings and their money mules to quickly withdraw large amounts of cash, Chunghwa Post said. The company also signed a memorandum of cooperation with the Taiwan High Prosecutors Office.