China cracks down on fake investment platforms

A man walks past an office of the Cyberspace Administration of China CAC in Beijing.

China's cyberspace regulator said on Friday that it has cracked down on counterfeit investment platforms as part of the country's campaign to combat such network crime.

The Cyberspace Administration of China CAC said it had cracked down on some 42,000 counterfeit apps and has incorporated them into the national fraud-related database since the beginning of this year.

The regulator found multiple cases of website spoofing as scammers created fraudulent investment platforms by mimicking some popular tech companies, including JD Finance, the fintech arm of the e-commerce giant JD.com.

CAC said that App stores and other platforms should strengthen the security scrutiny of App downloads in order to prevent fake Apps from fishing in troubled water.

In April, the number of telecom fraud cases in China had declined for nine consecutive months starting June 2021, according to state media.