Efforts to reduce scams
By Ding Yining |
July 28, 2010, Wednesday
|
Print Edition
Print Edition
SOME stores have had access to POS machines canceled to reduce credit-card scams.
The Shanghai branch of the China Banking Regulatory Commission has sent warnings to banks and credit-card centers about fraud and asked them to raise awareness about such risks.
The Shanghai division of the Industrial and Commercial Bank of China has started canceling individual vendors' access to POS machines to prevent scams.
It had given service charge discounts to these vendors, but later disconnected their POS machines because they were concerned some might take the opportunity to cash in from these machines.
Shanghai Pudong Development Bank and Bank of Communications also stepped up anti-scam efforts. This included setting up anti-fraud risk management platforms and increasing public education of card holders.
Credit-card fraud cases increased 50 percent last year, police said.
A total of 302 suspects connected with credit-card fraud were arrested, which accounted for about 80 percent of total suspects connected to financial schemes.
The banking regulator has also advised banks to improve scrutinizing procedures when issuing credit cards.
Banks were also told to upgrade internal system and strengthen management of vendors applying for point of sale machines.
The Shanghai branch of the China Banking Regulatory Commission has sent warnings to banks and credit-card centers about fraud and asked them to raise awareness about such risks.
The Shanghai division of the Industrial and Commercial Bank of China has started canceling individual vendors' access to POS machines to prevent scams.
It had given service charge discounts to these vendors, but later disconnected their POS machines because they were concerned some might take the opportunity to cash in from these machines.
Shanghai Pudong Development Bank and Bank of Communications also stepped up anti-scam efforts. This included setting up anti-fraud risk management platforms and increasing public education of card holders.
Credit-card fraud cases increased 50 percent last year, police said.
A total of 302 suspects connected with credit-card fraud were arrested, which accounted for about 80 percent of total suspects connected to financial schemes.
The banking regulator has also advised banks to improve scrutinizing procedures when issuing credit cards.
Banks were also told to upgrade internal system and strengthen management of vendors applying for point of sale machines.
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