OREANDA-NEWS. February 03, 2014. ICBC has recently developed a fraud risk information system ("system") to prevent telecom fraud and protect customer accounts, said an ICBC announcement.

The system connects with banking application system, collects information related to different risks and issues risk alerts to shield against telecom fraud. The system has been well received since put online in mid-October last year, which has blocked 105 telecom frauds and helped customers across the country avoid a loss of RMB 5,551,100.

An ICBC official said, the system gathers information on risky customers and accounts supplied by branches, other banks, judiciary and administrative departments. After sorting, all information is applied in ICBC’s core systems and businesses such as personal banking, loan, credit authorization, bank card, providing support in early warning and control for approval and processing of relevant business.

For example, a customer comes to an ICBC outlet for remittance. ICBC front-desk system will automatically connect to the database in fraud risk information system to check the payee's A/C No. If the A/C No. is an account related to telecom fraud recorded in fraud risk information system, ICBC front-desk processing system will automatically issue risk warning. ICBC tellers must follow the business rules and risk rules to handle the case. With the help of fraud risk information system, ICBC may advise customers of risk more precisely and effectively, providing a firewall to protect customers’ accounts.