Chinese Firms That Fail to Protect Personal Information Will Be Held Accountable, Ministry Says
Yicai Global
/SOURCE : Yicai
Chinese Firms That Fail to Protect Personal Information Will Be Held Accountable, Ministry Says

(Yicai Global) Oct. 18 -- In order to control rampant telecoms and internet fraud, banks, telecoms companies, payment institutions and other enterprises that fail to implement regulations to protect personal information shall be held accountable, Mr. Li Wei, vice minister of the Chinese Ministry of Public Security said.

Between January and September this year police uncovered 77,000 incidences of telecoms and Internet fraud involving CNY2.34 billion (USD347 million) of stolen money and goods, according to data from the Chinese Ministry of Public Security. The police investigated and dealt with 43,000 lawbreakers over this period, 2.3 times more than last year.

Staff in banks, telecommunications companies, courier companies and airline ticket offices are major suspects in disclosing personal data. A criminal gang made up of 15 bank managers were recently caught with 2.57 million pieces of personal information and CNY2.3 million of funds, according to Chinese police.

Follow Yicai Global on