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  1. China to crack down on illegal trading of bank card information

China to crack down on illegal trading of bank card information

China's central bank said on Monday it will crack down on illegal trading of bank card information as card transactions and total trading value have risen significantly in 2015.

By: | Beijing | Published: September 12, 2016 5:06 PM
The PBOC said the purpose of its special campaign was to intimidate criminals who illegally trade bank card information, and to prevent bank card information from leaking across all platforms. (Reuters) The PBOC said the purpose of its special campaign was to intimidate criminals who illegally trade bank card information, and to prevent bank card information from leaking across all platforms. (Reuters)

China’s central bank said on Monday it will crack down on illegal trading of bank card information as card transactions and total trading value have risen significantly in 2015.

Theft of bank card information and other illegal activities pose a serious threat to the safety of the financial system, according to a notice issued by six government agencies, including the Ministry of Public Security and the China Banking Regulatory Commission.

China’s bank card transactions in 2015 rose 43.07 percent and total trading value was up 48.88 percent, with the latter reaching 669.82 trillion yuan ($100.3 trillion), the People’s Bank of China (PBOC) said in a question and answer posted on its website alongside with the notice.

The PBOC said the purpose of its special campaign was to intimidate criminals who illegally trade bank card information, and to prevent bank card information from leaking across all platforms.

The PBOC will launch special operations in six areas during the campaign, including investigating crime cases, cracking down on phishing websites and apps, and screening potential loopholes in banks, payment agencies, websites and key companies that store a “considerable amount of personal information”, according to the question and answer.

A nationwide campaign would be conducted from September to April, the notice said.

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