Banking Details Are Delivered in Minutes by Crooks in China

[steven36]

Buyers ask for banking info on social networks

There is a highly active market for illegal trading of banking information in China, where the buyer can receive the information in a very short time from placing an order.

With more than 400 million credit cards and a volume of transactions estimated at an average of $161 / €136.7 billion every year, China is the country with the largest number of credit cards issued .

Given these figures, it’s no wonder that the country records a worrying number of leaks involving payment cards.

More than 400 buyers ask daily for credit card info

According to Want China Times, anyone who wants to purchase this sort of information can place an order on a social network and is contacted with the products only a few minutes later.

It is said that at least 400 buyers asks about this type of data on a daily basis. As it happens on any cybercrime website in the world, cards have different prices, as some are more valuable than others.

Card information moved on the Chinese markets is still sellable even if it has already been used, but the price is much lower (about $0.06 / €0.05 per item) than in the case of first-hand stuff, which is transacted even for $0.80 / €0.68.

The sellers are generally bank employees that have direct access to customer’s personal information. It is worth noting that the financial institutions in China cannot disclose this type of data without the consent of the client.

Little security imposed for some transactions

However, the contracts for issuing a credit card is not sufficiently clear to stipulate in what ways banks are allowed to use the information obtained from the customer. This contributes to perpetuating the data leak state and the increasing number of banking details that fall in the hands of third parties.

Some online financial transactions in China do not require too much info. According to the newspaper, some platforms ask only for the name of the cardholder, their ID number and the card number to approve large transactions.

“Millions of dollars have been misappropriated through these platforms in 2013,” said Xiao Kai, director of financial supervision of the Shanghai People's Procurator, and the situation does not seem to have improved in 2014.

Source

[kaloo1995]

The sellers are generally bank employees that have direct access to customer’s personal information

i am sure the banks carry out background checks and regular checks on their employees....

to make such a sweeping statement. !!!!

[steven36]

Do you have any articles

The sellers are generally bank employees that have direct access to customer’s personal information

i am sure the banks carry out background checks and regular checks on their employees....

to make such a sweeping statement. !!!!

Pre-employment screening is not a common practice in China

Although pre-employment testing has become a widely accepted practice in U.S. and some European countries, it is still a new term for most Chinese employers. Such testing is well regulated by both federal and state employment laws in U.S. These laws strictly limit the type of testing that may be conducted, as well as when testing is allowed, how pre-employment testing may be conducted, and whether job offers can be rescinded based upon test results, however, the situation in China is different. There are no legal restrictions on the ability of an employer or any third party acting on behalf of an employer to conduct background checks on job applicants in the PRC. There are no specific laws and regulations concerning this aspect. It does not mean employers could conduct pre-employment testing without any restriction; there are some bottom lines, such as individual’s right of privacy under the Constitution of the PRC, Tort Liability Law, and anti discrimination rules under PRC Labor Law and Employment Promotion Law.

More info http://en.c-linklaw.com/zhuanye.aspx?id=195