A Hunan branch of the Industrial and Commercial Bank of China (ICBC) successfully identified a case of telecom fraud on Dec. 1, recoverng 28,000 RMB ($4,069) for a customer. This is the first telecom fraud case to be identified and avoided in China since new rules were issued to crack down on illegal practices.
The customer, who had transferred money to a bank account he believed to belong to his friend, came to the bank after realizing he had been cheated. Ten minutes later, bank clerks informed him the transfer was revoked.
New rules regulating the application and use of bank cards took effect on Dec. 1. According to the rules, money transferred to another account via ATM will be "frozen" by the bank for 24 hours, and customers can apply to have transfers revoked within that period.
