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Shanghai banks lauded for wire fraud prevention
By Hu Xiaocen |
March 14, 2012, Wednesday
|
Online Edition
Online Edition
CHINA Banking Regulatory Commission's Shanghai branch acknowledged the contribution by the city's commercial banks in protecting customers from wire fraud ahead of March 15 – the annual World Consumer Rights Day.
Bank of Shanghai has successfully intercepted 880 cases of telecommunication fraud, avoiding 45 million yuan (US$7 million) in losses of customer funds last year. The bank also recovered customer losses of 1.45 million yuan through cooperation in police investigations, said CBRC Shanghai branch earlier.
To prevent and combat telecommunication fraud, the Shanghai Public Security Bureau and CBRC Shanghai office have established instant banking query and account freezing mechanisms since 2008. However the fraudulent activities repeated in various regions with more diversified modus operandi, according to the local watchdog.
Bank tellers are instructed to take initiative in reminding customers making fund transfers at the counters about possible fraud risks. The banks have introduced other practices to protect customers from deceiving activities, said the watchdog.
Bank of Shanghai has successfully intercepted 880 cases of telecommunication fraud, avoiding 45 million yuan (US$7 million) in losses of customer funds last year. The bank also recovered customer losses of 1.45 million yuan through cooperation in police investigations, said CBRC Shanghai branch earlier.
To prevent and combat telecommunication fraud, the Shanghai Public Security Bureau and CBRC Shanghai office have established instant banking query and account freezing mechanisms since 2008. However the fraudulent activities repeated in various regions with more diversified modus operandi, according to the local watchdog.
Bank tellers are instructed to take initiative in reminding customers making fund transfers at the counters about possible fraud risks. The banks have introduced other practices to protect customers from deceiving activities, said the watchdog.
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