War against credit card tech fraud steps up

Commercial banks have said they are stepping up their risk management of the credit and debit card business, as they face new challenges from criminals amid the rapid development of internet technologies, the China Banking Association said in its latest report.

The extent of the threat was outlined by an official with the economic crime investigation department of the Ministry of Public Security.

Police investigated and prosecuted more than 50,000 credit card fraud cases in 2015, accounting for about one-fourth of their entire economic crime cases, said Che Yaohua.