China’s Ministry of Public Security Carries Full Chain Attack On Fraudulent Loan Companies

The Chinese Ministry of Public Security held a press conference in Beijing on November 14 to release the work situation and typical cases in the special action for “Purifying the Network Environment 2019″.

One achievement in this special action is to destroy a group of technology companies that provide technology and data services for "fraudulent loan". The public security organs will conduct an ecological and full-chain attack on the technical service providers, data support service providers, payment service providers and extension service providers involved in the "fraudulent loan".

Some of the big data service providers involved in the case include Xinyan Technology,, Tongdun Technology and Hangzhou Scorpion Data Technology, according to a Caixin reporter.

The "fraudulent loan" crime uses people’s eagerness to quickly obtain funds and induces a large amount of young people, college students and other victims fall into the trap through a bait of unsecured and fast lending, said Wang Yingwei, director of the Network Security Bureau of the Ministry of Public Security.

In particular, some "fraudulent loan" criminal gangs spread from offline to online through the internet platform. This involves a much wider infringing groups reaching tens of thousands of people across the country, and creates great harm to the whole society.

(This article is translated from Caixin. You can see the original article in Chinese here.)

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