Online financial disputes up

Pudong New Area People's Court received increasing disutes between consumers and financial services providers.

THE lack of rules to govern the booming online financial business have led to a surge in disputes between consumers and financial service providers, the Pudong New Area People’s Court said.

Last year, the court received 32,605 financial dispute cases, a year-on-year increase of 22.54 percent — a record high. Of that number, 19,803 disputes, or 61 percent, related to credit card, up 80 percent from 2016.

Most banks are also going online to deal with businesses, which simplifies the process but also loosens the background checks of card holders, the court said.

Last year, the court received 568 online financial disputes, an increase of 73 percent from 2016.