| Go easy on the plastic, banks told |
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| Tuesday,April 07,2009 Posted: 09:55 BJT(0155 GMT) |
| From:za Article type:Original |
Getting a credit card may not be as simple as it is now. A top official of the People's Bank of China has asked financial institutions across the country to "carefully check the applicant's identity and their previous credit records before issuing them credit cards".Su Ning, vice-president of the central bank, further urged banks to monitor card transactions in real time and tighten control of self-transfer services."Anyone who wants to avail of such services must sign a written agreement with the bank," Su said in a statement published on the People's Bank of China's website late Wednesday.The statement comes in the wake of an increasing number of financial crimes being reported across the country in recent times.Su said the central bank strongly recommends that banks issue smart cards, which are not easy to duplicate, instead of the current magnetic strip cards.
Latest figures available from the Ministry of Public Security show that from April to September last year, police across the country handled 3,672 credit card-related crimes, up 140 percent year-on-year, involving about 176 million yuan ($25 million).
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