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June 24, 2010

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Swindling fears stir over scrapped ATMs

BANKING authority officials yesterday called for legislation on the disposal of retired ATMs as some were found in a reclamation depot, stirring fears they could be used to commit crimes.

Although the chips and devices containing information of cardholders had been destroyed, it's still possible for cheaters to make use of such machines, officials said.

"There should be rules but I need to double check that," Yang Shaojun, deputy director at the office of the China Banking Regulatory Commission, said yesterday in Shanghai.

Banking sources said that there are no industry-wide rules on the scrapping of ATMs, leaving lenders to make their own policies.

About 40 scrapped ATMs with logos of Industrial and Commercial Bank of China (ICBC) and Bank of Shanghai were found on Tuesday in a reclamation depot on Pudong Road N. in the Pudong New Area, according to Shanghai Television news last night.

Depot staff members said the scrapped ATMs were purchased as scrap metal by their boss. They said they didn't know what would happen to these machines.

ICBC admitted yesterday that some of the scrapped ATMs once belonged to the bank. The bank said it had destroyed the chips in the ATMs.

Banks scrap ATMs after three to five years of use.

A forged ATM had been reported in Beijing earlier this week. Once victims inserted their cards and input their passwords, the machine would only show an error and return the cards. However, their information would be recorded, which could be used to illicitly transfer funds.


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