politics
Chinese Fraud Rings Steal Up to $1 Billion Annually From Banks and Retailers
Police report that organized groups using digital theft methods such as tap-to-pay schemes and app fraud are generating as much as $1 billion in annual losses for banks and retailers. The activity has drawn solo thieves into larger networks.
Jul 18, 9:15 AM·1m read2 sources
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Police say Chinese fraud rings are using digital methods such as tap-to-pay schemes and app fraud to steal from banks and retailers, generating as much as $1 billion in annual proceeds. These methods represent a shift in organized retail crime, moving from traditional shoplifting to technology-enabled theft that requires fewer physical participants.
Officials stated that the scale of the operations has also drawn individual thieves into coordinated groups.
The reported losses affect both financial institutions and retail businesses that accept electronic payments.
Transparency
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CorroborationModerate · 2 sources
