Chiu Shu-chen, deputy director general of the Banking Bureau, FSC, expressed that the FSC issued decree to Bankers Association yesterday for notifying banks
about the liberalization move.
Stratfor said it had contracted a "leading identity theft protection and monitoring service" and urged members to take their own precautions, including notifying banks
about any suspicious credit card activity.
Meanwhile, Reuters reported that the regulator had started notifying banks
about the procedure and has also informed the Banking Regulation and Supervision Agency (BRSA) which will have the task to check whether the financial institutions have contravened competition regulations.
He added each bank has its own cheque limit and amounts which exceed this are examined, but it was "not practical" for all cheques to be physically verified and victims notifying banks
of missing funds or cheques was vital in the fight against fraud.