Beijing cracks down on investment platform scams

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China finds and kills 42,000 counterfeit apps – many of them investment scams

The CAC advises users to download apps through official channels and verify identities before transferring any money. The org also warns app stores should strengthen security audits to prevent fake apps from operating.

Despite Beijing's many crackdowns on the local internet, and general intolerance of crime and corruption, fraud is prevalent in the Middle Kingdom.the top five most prevalent types of fraud carried out online or via phone. The most common was an e-commerce scam known as"brushing," where victims are lured into paying for goods that may never actually show up or are delivered after a buyer is asked to perform several tasks like downloading dodgy apps or establishing profiles. Brushing accounted for a third of all internet fraud activity.

 

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Cause they are giving the CCP their cut.

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