New regulations to see fraud money returned in 3 days
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E-mail CRI, September 22, 2016
From deceased college students to a renowned university professor, it seems no one in China is certain they are safe from telecom scammers.
The relevant Chinese authorities have endeavored to find solutions to tackle the increasing fraud.
For those who were conned into the fraud, it is a long and difficult process to recover the stolen money, even if those responsible for the fraud are caught and their money recovered by the police. The victims not only have to apply for approval from the police, but also must follow the bank's procedure to once again reobtain the money lost to them. This whole process is cumbersome and lengthy.
On Tuesday, in order to simplify the process, China's Banking Regulatory Commission (CBRC) and the Public Security Ministry issued joint regulation that aids the fraud victims, helping them retrieve their money as soon as possible.
The regulation aims to release the money from police custody to the banks, who can accurately return the funds to the associated victims.
The regulation requires the banks to assign case-specific personnel in charge of returning the telecom fraud money, this should alleviate extra work on the police's part.
According to the regulation, after the victim's application to the police has been approved, the banks should return the money within three days.
If the bank fails to assist the police, the bank can face penalties from the CBRC.
Earlier this month a warning system was put in place for phone users in north China's Inner Mongolia Autonomous Region to prevent further telecom frauds.
Over 400 million fraud-related phone numbers have been labeled by the system. When users receive or call these numbers, warnings will appear cautioning of the possible fraud.
Mainstream media and public security authorities have prioritized the telecom scams since several college students lost their tuition, some even committing suicide from the loss.
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