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April 4, 2014

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Credit card fraud up 40% in 2013

MOST of the financial crime cases handled by local courts last year involved credit card fraud, the Shanghai Higher People’s Court said yesterday.

Of the 1,222 cases to reach court, 1,054, or 86 percent, were linked to credit card fraud, an increase of almost 40 percent from the previous year, it said.

Among the 1,530 people convicted of financial crimes in 2013 was a man surnamed Liu who was sentenced to 10 years in prison and fined 120,000 yuan (US$19,300) after being found guilty of credit card fraud at the Shanghai No. 1 Intermediate People’s Court.

With the help of an accomplice surnamed Lei, Liu siphoned 7.8 million yuan from the accounts of 29 victims between August 2011 and October 2012. Lei was given a one-year sentence for money laundering.

In another case, three men were jailed for stealing personal data from credit card customers and using them to produce cloned cards.

The gang planned to use the cards to buy and sell iPhones, but after just one purchase they were caught by police. All three were sentenced at the Hongkou District People’s Court to prison terms of between four and five and a half years.

In another case, seven people were jailed or detained for between four months and two years by the Jiading District People’s Court for their parts in a scam that involved applying for 27 credit cards using stolen ID cards.

Two expats were among the 1,530 people convicted of financial crimes last year, the higher court said.

It also advised banks to enhance their management systems to help combat financial crime.


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