A report by the Chinese-language Liberty Times (the Taipei Times’ sister newspaper) on Friday last week described how a male retiree in his 70s was lured into a chatroom, where scammers shared “tips” about so-called red-hot stocks.
Far from making himself a fortune, the man lost more than NT$11 million (US$392,563). Police arrested several members of the alleged fraud ring and are pursuing others.
However, when I turn on my smartphone, I am bombarded with all kinds of messages from unidentified sources. Fraud chatrooms are as rampant as ever in Taiwan.
Information and communications technology has penetrated people’s lives. From Web sites to social media platforms, technology has changed the world industrial order and social communication models. It has brought unprecedented business opportunities, such livestreaming, food delivery platforms and online games, but it has also opened people up to fraud, opinion manipulation and the dissemination of rumors.
With the problems multiplying, the government is not addressing the issue with nearly enough urgency.
There are two ways to solve the problems:
First, the Legislative Yuan should pass a “digital communications act,” along the lines of legislation in advanced economies.
Internet platforms, especially large ones, should be properly regulated in Taiwan to prevent them from serving as digital hotbeds of commercial fraud and unfair competition.
Second, prosecutors and investigators should continue to improve law enforcement to bring scammers to justice for abusing ICT.
By doing so, Taiwan will be able to keep the business order from falling apart in the digital era.
Lo Cheng-chung is director of Southern Taiwan University of Science and Technology’s Institute of Financial and Economic Law.
Translated by Eddy Chang
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