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April 1, 2014

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Credit card fraud tops financial crime charts at Jinshan court

MOST of the financial crime cases handled by the Jinshan District People’s Court last year involved credit card fraud, it said yesterday.

Of the 41 cases to reach the court, 38 were linked to credit card offenses, it said. The remainder involved currency counterfeiting, illegal fundraising and forging financial documents.

Similarly, of the 45 people convicted of financial crimes in the year, 39 were found guilty of credit card scams.

The combined value of all the financial cases was more than 1.9 million yuan (US$305,600), the court said.

Credit card fraud is divided into four categories: using a fake identity to apply for a card, intentional overdraft, account takeover and using a voided card. Of the 38 cases last year, 31 involved intentional overdrafts.

Most of the people convicted of intentional overdrafts owned more than three credit cards, while 10 of them had five or more, the court said.

In one case, a man applied for 10 cards with eight banks and used them to withdraw more than 90,000 yuan.

In another, a man accessed his victim’s credit card and Alipay accounts and drained them of almost 15,000 yuan.

One of the largest cases handled by the court last year involved a gang of three men who skimmed personal information from 52 credit cards and used it to defraud their owners of 430,000 yuan, the court said.


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