360 Enterprise Group Publishes Its Report on Online Frauds in China

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360 Enterprise Group: Crytocurrency is the most common type of fraud that was being conducted online. The number of such cases that were reported in China reached record level in the country, according to the statistics. The study was conducted by 360 Enterprise Group. Such is the dilemma is that Cryptocurrency which has revolutionized payment industry and has made it so simpler, with its game changing solution is also being used by scammers to scam people. The average person losing money from these scams according to the survey is the roughly equivalent to 134,522 Yuan. The report that was presented by the group provides a detailed landscape of China’s online crime epidemic. The report highlights the facts that the number of incidents relating to Cryptocurrency scam has definitely gone down, but the scammers are targeting the wealthiest individuals with their sophisticated techniques.

The numbers do reveal a lot as the number of cases of Cryptocurrency scams as a whole in 2019 totaled 15,505, the lowest value since 2014, and way below the mark in 2017 mark. In the year 2017 the number of cases of online fraud was 24,260. The scams that were carried out scammed people were at the lowest level. The amount was at historical low level, 24, 549 Yuan which is roughly approximated to around $3,500. Online fraud was the most common type of scam that was carried out by hackers and threat actors across China, in the year 2019. The number of such incidents that happened stood at a total of 3,314. And among the number of reports that were in reported, virtual currency fraud was the biggest culprit in terms of extent of looses followed by investment loss followed by speculation fraud.

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Image Source: thumbor.forbes.com

Pig Kills is commonly known as Dating Scams are rapidly gaining popularity among the scammers who frequently trick their dates into giving money. According to the reports three types of scams gained the most number of traction. The types of scams that gained the traction were online financial scams, online gambling scams, and dating scams. Guandong Province is the neighboring state in the South East China had reported the most number of cases partly due to Cantonese people high awareness of rights protection according to the reports. The most number of online frauds that happened were in the city of Shanghai and Beijing.

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Image Source: encrypted-tbn0.gstatic.com

The study had claimed that there were live broadcast offering investment guidance to investors and interested people, were the most common type of tricks scammers had in their arsenals when it came into scamming people and stealing their information and personal details. Often these featured a studio anchor that misleads investors according to the reports being published by the 360 Enterprise Group. Tencent QQ and WeChat were the most targeted platform on which these scams took place. Both of the platforms are instant messaging platforms and are owned by China. According to the report most of the victim that fell prey to these offerings tended to be male. The numbers to be exact stands at around 66.9%. Most number of victim that fell prey to these online fraud were between 18 to 22 years which accounted for more than 23% of the total victim being surveyed.

The report also published a list of top online scams that took place in the country, and the list was headed by Cryptocurrency scams. The trading in the country was banned by the government in 2017, but after the Chinese Premier endorsement of the blockchain technology the fraudsters and the scammers propped up to life and renewed their efforts.

Source: Coin Telegraph


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