To help the public better fend off telecom frauds, ICBC has officially released China’s first public-welfare software against telecom frauds – “ICBC Security” (public-welfare version) in collaboration with the Ministry of Public Security. The software is now exclusively on “ICBC Link”, the internet finance and social networking platform of ICBC.

An official with ICBC said that “ICBC Security” (public-welfare version) is based on accounts involved in telecom fraud cases that have been solved by public security organs, on which high-level security tools (such as risk blacklist database and zero-day response) are provided for inquiry or reference by the public prior to transfer/remittance. For example, Mr. Li receives a short message from a fraud offender who pretends to be his classmate and borrows money. Mr. Li may inquire the collection account through “ICBC Security” (public-welfare version) prior to remittance. If such account was used for telecom fraud and put on the list of accounts involved in cases by public security organs, a warning will be triggered, alerting that “the account is on the list of accounts involved in cases by public security organs” and “exercise due and proper care when remitting money to this account”, which may reduce the possibility of being deceived.

“ICBC Security” (public-welfare version) is open to the public, free of charge. Users can see application software in the “find” column through download and log into “ICBC Link” APP via mobile phone.

Since 2012, ICBC has been committed to the research and development of the external fraud risk information system through cutting-edge big data technology. It has collected risk information from ICBC and all walks of life for many years. On this basis, the blacklist and greylist databases and risk control rule system are established, which leads China’s financial industry. Up to now, ICBC’s external fraud risk information system can control accounts involved in cases through all channels. In addition, it can instantly screen all transfer and remittance transactions that are conducted through ICBC outlets, internet banking, telephone banking, mobile banking, self-service terminals and other channels, give prompt risk alerts to customers, and automatically give real-time warning of telecom fraud crimes, fundamentally reducing the success rate of telecom frauds. So far, nearly 100,000 telecom fraud remittances have been interrupted, and over RMB one billion fund has been protected for domestic and overseas customers.

An official of Criminal Investigation Bureau of the Ministry of Public Security said that ICBC has performed its social responsibilities, constantly deepened cooperation with public security organs, and helped establish the anti-telecom-fraud mechanism for the society by exploring innovative prevention technology system and process, developing new prevention tools and popularizing prevention knowledge via financial products. ICBC has set an example in terms of cooperation with public security organs in preventing, controlling and cracking down on telecom fraud crimes. ICBC’s experience and practice should be promoted across the banking industry to safeguard the security of public property.