Financial Crime World

Financially Fraudulent and Cybercrime Rampant in China: A Media Spotlight

Overview

Financial crime, including fraud and cybercrime, continues to be a significant concern in China. In this article, we delve into the latest statistics and research on the current state of financial and cybercrime in China, providing an in-depth look at the issue.

Financial Fraud

  • Credit Card Fraud: The Chinese court system has reported a steady increase in the number of accepted financial fraud cases from 2016 to 2018 with credit card fraud being a major issue [1].
  • Ratio of Credit Card Fraud: The ratio of credit card fraud cases in select Chinese banks from 2016 to 2018 reached significant proportions [1].
  • Online Shopping Scams: Alarming losses have been reported by victims of online shopping scams in Hong Kong [1].

Telemarketing Fraud and Internet Deception

  • High Incidence: China ranks high in both telemarketing fraud and internet deception, with the majority of fraud instances occurring via phone or online platforms [2].
  • Demographic Distribution: The demographic distribution of fraud victims, including age and gender, has been analyzed and discussed [2].

Corruption

  • Convictions and Confiscation Value: China’s fight against corruption remains a crucial aspect of addressing financial crime with a significant number of corruption convictions and confiscation values connected to these cases [3].
  • Hong Kong’s ICAC: The Hong Kong ICAC reported a sizeable number of suspicious transactions and corruption offenses in MLA requests involving mainland China [3].

Money Laundering and Terrorism Financing

  • Growing Threat: Money laundering and terrorism financing pose a significant threat to China, as evidenced by the growing number of related investigations and convictions [4].
  • Statistics: Statistics on money laundering convictions, suspicious transaction reports on terrorism financing, and confiscation values of illegal foreign currency carriage provide critical insights into the issue [4].
  • Arrested Persons and Penalized Institutions: The number of arrested persons financing terrorist activities and penalized financial institutions further underscore the severity of the problem [4].

For those seeking more detailed information on this topic, the following statistics explore specific aspects of financial crime and cybercrime in China:

  • Occupational Fraud: The most common occupational fraud schemes in APAC [5]
  • Global Financial Cyber Crime: Global financial cyber crime losses by victim country [5]
  • Usefulness of Technology: The usefulness of technology in financial crime prevention worldwide [5]

Conclusion

The data reveals a troubling trend of financial and cybercrime in China, encompassing financial fraud, telemarketing fraud, internet deception, corruption, money laundering, and terrorism financing. China’s efforts to combat these crimes remain ongoing, and staying informed and vigilant is essential for individuals and organizations alike.

[1] Chinese court system data [2] Available data [3] ICAC reports [4] Statistical reports [5] Premium statistics [Image: Dark, ominous skyline, financial district, China]