Taiwan Ministry of the Interior data revealed that Taiwan experienced a staggering NT$37.19 billion (US$1.23 billion) loss to fraud in the final quarter of 2024. Notably, 1,677 individuals reported losses exceeding NT$5 million each, making up 3.1% of the 54,113 reported fraud incidents.
Investment scam losses made up the largest proportion of the amount, with 821 out of 1,242 investment fraud victims being women—nearly twice the number of male victims, at 421. Additionally, 516 of these cases involved women aged over 50.
Furthermore, about 32% of the victims, accounting for 394 individuals, were either retired, homemakers, or unemployed.
Criminals behind investment scams often target victims by purchasing ads on social media platforms like Facebook, eventually luring them into joining "investment groups" on the messaging app Line. These groups’ messages aim to create an illusion of profitable investment opportunities, deceiving victims into wiring money to the fraudsters.
Romance cons were also highlighted as prevalent fraud incidents. Scammers use fake profiles on dating sites or social media to befriend and build relationships and subsequently defraud individuals.
Another major fraud category involves fraudsters impersonating bank staff, police, or local government officials. They contact victims via phone or text, claiming that someone is using the victim's identity to open bank accounts or that there has been unusual activity on their accounts. This is often followed by calls from individuals posing as police officers or judicial officials, asserting they are investigating money laundering or other fraud, and attempting to obtain the victim's bank account details or other personal information.
The National Police Agency noted that it typically takes about two months for victims of investment scams to realize they have been defrauded, whereas victims of romance cons may not become aware for up to 270 days. In some cases, romance scammers pose as U.S. physicians or military personnel, sometimes claiming injuries in the line of duty to gain sympathy and to elicit financial transfers from their victims.