Seven suspects have been charged with defrauding people through the Line messaging app, the Chiayi District Prosecutors’ Office said on Tuesday. The suspects allegedly posed as cryptocurrency dealers to cheat 35 people out of nearly NT$97.43 million (US$3.18 million) by diverting the funds into the suspects’ cryptocurrency wallets, prosecutors said.
Investment scams of this nature are on the rise in Taiwan. Incidents increased by 21 percent last year from 2023, with most conducted online, Ministry of the Interior data showed.
Losses from investment scams represented the largest share of all fraud-related financial losses in the fourth quarter of last year, ministry data showed. Women aged 50 or older accounted for the majority of those affected. During that period, Taiwanese lost NT$37.19 billion to fraud schemes, with 54,113 cases reported. Of them, 1,677 cases involved losses exceeding NT$5 million, National Police Agency Deputy Director-General Chen Yong-li (陳永利) told a news conference on Jan. 17.
Older adults — especially retirees — are among the most frequent targets of fraud. Common schemes include fake investments, romance scams and impersonation of authorities. The problem is compounded by Taiwan’s rapidly aging population, increasing the number of people in the category of those most vulnerable to online deception.
Many elderly people live alone and rely on fixed incomes, making them eager for investment opportunities that promise quick returns. They also tend to be less familiar with new scam techniques, for example those that employ artificial intelligence.
The issue is not unique to Taiwan. A Bloomberg Opinion report published on Feb. 26 described online scams as a global enterprise supported by sophisticated supply chains involving equipment, services and labor. Many of the operations are tied to criminal groups with links to countries such as Russia, China and North Korea.
The report cited recommendations from Google’s Threat Intelligence Group, which urged governments to step up education and awareness efforts, and to grant banks and technology companies greater authority to act directly against scam networks.
Taiwan should take note. The government has focused heavily on long-term healthcare strategies, but fraud prevention should also be part of the conversation. Failing to educate elderly people about the risks of investment scams on social media could make more retirees destitute — or worse.
In July, five members of a Taichung family reportedly took their own lives after falling victim to a fraudulent gold investment scheme. Notes at the scene said that the people felt crushed by mounting debts and saw no way out after losing millions of New Taiwan dollars.
Even small financial setbacks could devastate elderly people with limited incomes, particularly renters. The urgency of this issue grows as rates of dementia rise in Taiwan. There is no legal requirement to designate a person to control the financial accounts of people with dementia and other conditions that impair cognition. Lawmakers should consider reforms, as a single large financial loss could jeopardize the ability of such people to receive care.
The government must intensify efforts to educate the public — especially elderly people — about the dangers of trusting investment advice from strangers or social media groups. Awareness campaigns should be integrated into care programs and supported by digital tools to flag suspicious patterns.
At the same time, legislation empowering banks and tech platforms to intervene quickly when fraudulent activity is suspected would be an important step toward curbing that growing threat.
Online scams are not solely a criminal issue — they are a public health and social stability issue. Taiwan cannot afford to ignore them.
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