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November 19, 2009

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Bank-card crime faces nationwide crackdown

THE People's Bank of China and the Ministry of Public Security would carry out a nationwide crackdown on bank-card crimes in 2010, the central bank said yesterday.

The crackdown would last 10 months, starting from January 2010, the central bank said on its Website.

In the first eight months of 2009, public security departments placed on file 6,362 bank-card fraud cases, doubling the number of the same period last year. The cases involved 440 million yuan (US$64.4 million), an annual rise of 138 percent.

Bank-card crimes were commonly committed by making overdrafts from credit cards under fake names, and stealing and selling credit- card information, according to an official with the ministry.

The official also said the Internet had become a "hotbed" for credit-card crimes.

The central bank and the ministry established an organization to investigate bank-card crime in June.

The organization would step up efforts to start a mechanism on enhancing bank-card risk management, set up an information-sharing forum of bank-card cases, and raise card users' awareness on protecting their card information, an official with the bank said.


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