Bank Of China: Research And Formulate Internet Financial Rules And Regulations As Soon As Possible

The blue book (2013) of China's credit card industry, released by the China Banking Association 31, recommended that the Internet and mobile payment security regulations be expeditiously promoted, as soon as possible, to study and formulate rules and regulations in the field of Internet finance, and to strengthen supervision and management of the third party payment institutions.

A 23.4% increase over the previous year, accounting for 10.8% of Internet fraud losses, an increase of 2.7 percentage points over the previous year.

From the point of view of fraud types, the top five credit card fraud losses in 2013 included counterfeit cards, false applications, Internet fraud, stolen cards and not Dhaka.

Compared with the previous year, the amount of loss and proportion of innovation business fraud increased.

The blue book suggests accelerating Internet payment.

Safety specification.

We should study and formulate rules and regulations for Internet finance as soon as possible, define business participants, business development mode, risk prevention and control measures, customer information protection requirements, business dispute resolution process, and risk emergency response mechanism.

We should strengthen the supervision and management of the third party payment institutions, and urge them to control strictly.

Merchants' access will strengthen the monitoring and disposal of risk dealers, such as paction anomalies, application of merchant type codes, illegal retention of customer information, etc.