China cyberspace regulator cracks down on counterfeit investment platforms

A person walks past an workplace of the Cyberspace Administration of China (CAC) in Beijing, China July 8, 2021. REUTERS/Thomas Peter/File Photograph

SHANGHAI, July 1 (Reuters) – China’s cyberspace regulator explained on Friday that it has cracked down on counterfeit financial commitment platforms, as section of the country’s marketing campaign to combat this sort of telecom community criminal offense.

The Cyberspace Administration of China (CAC) said it has investigated and cracked down on some 42,000 counterfeit apps since the commence of this year, and integrated them into the countrywide fraud-connected databases, in accordance to a assertion on its site.

The regulator additional it uncovered many circumstances involving web-site spoofing as scammers produced fraudulent financial commitment platforms by mimicking some well-known tech businesses together with JD Finance, the fintech arm of e-commerce large JD.com.

“Application retailers and other platforms really should also improve the safety scrutiny of App obtain to prevent pretend Applications from fishing in troubled water to damage net buyers,” CAC explained.

Condition media reported in April that the amount of telecom fraud scenarios in China experienced declined for nine consecutive months starting June 2021.

Reporting by Winni Zhou and Brenda Goh Modifying by Kim Coghill

Our Criteria: The Thomson Reuters Trust Rules.