Digital Deposit Alert: Scammers Exploit Natural Person Certificates in Taiwan, Banks Take Action

Banks in Taiwan halt online account openings using digital certificates to combat fraud.

A concerning trend has emerged in Taiwan: scammers are exploiting digital certificates to open fraudulent digital deposit accounts. Criminals are reportedly impersonating legitimate loan agents, tricking individuals into providing their Natural Person Certificate (自然人憑證), passwords, and copies of their ID cards (身分證).

These stolen credentials are then used to open numerous digital deposit accounts across various banks, ultimately turning victims into unwitting “mule accounts” for illicit activities.

In response to this growing threat, at least seven major banks in Taiwan have temporarily suspended the use of the Natural Person Certificate for online account verification, effectively closing a significant loophole used by these fraudulent operations.

The affected banks include Mega International Commercial Bank (兆豐銀), First Commercial Bank (第一銀), Hua Nan Commercial Bank (華南銀), Taiwan Cooperative Bank (合作金庫), Taiwan Business Bank (台企銀), and E.SUN Bank (永豐銀), and Chang Hwa Bank (彰銀) which is following suit. Two additional banks are currently assessing the situation and considering similar measures.