Court hears many more finance disputes
Print Edition
FINANCIAL disputes occurring between consumers and institutions have nearly doubled in the past two years at the Pudong New Area People’s Court.
The court said yesterday that the rise could be attributed to changing consumer habits and the growth of Internet finance.
Figures showed more than 26,000 financial disputes were received by the court in 2016, up nearly 1.6 times on 2015 and twice that of 2014.
Nearly half the cases last year involved disputes between lenders and borrowers — with about 85 percent of those concerning auto loans.
These were very likely to become bad loans as they were usually taken out at zero interest rates, the court said.
More than 10,000 credit car holders were sued for not paying their debts last year, and such disputes accounted for about 40 percent of the total, the court added.
Zhu Dan, vice president of the court, said that in recent years there had been many cases involving online payments, online banking and online frauds as a result of the “barbarian growth” of the online finance business.
In one case of online banking, a fraudster transferred 200,000 yuan (US$28,950) from a woman’s account by exploiting loopholes in the system.
The victim had believed the fraudster, who was impersonating a bank manager, and told him her account number and password, allowing him access to her funds.
Despite subsequently changing her password, money disappeared from her account.
The fraudster was using “super online banking,” a platform developed by the People’s Bank of China, providing real-time transfer among accounts at different commercial banks.
The conman was said to have added the victim’s account on the platform, allowing him to manipulate her account without needing to re-input the password again.
At the trial, heard last August, the court ordered the victim was responsible for 30 percent of her losses as she had leaked her bank details.
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