The China Financial Certification Association and 16 Chinese banks have reportedly agreed to join forces to tackle internet banking fraud by enhancing online security.
According to news reports, the banks involved in the project include the Industrial and Commercial Bank of China, Guangdong Development Bank, Shanghai Pudong Development Bank, and China Construction Bank.
As part of the mission to tackle fraud, the banks have decided to build an online banking blacklist which will be shared among them, as well as constructing a joint investigation mechanism whereby banks can conduct investigations when a safety problem occurs in order to help reduce potential losses.
Online banking has been available to customers in China since 2002. In 2006, China’s Ministry of Public Security identified more than 3,600 cases of online fraud, reported China Tech News.