Regulators warn of new styles of high-tech fraud

National regulators are warning of new types of online fraud threats, covering blockchain and cryptocurrencies.

China will launch new data protection policies for the industrial and mobile application sectors in line with the requirements of the Personal Information Protection Law, regulators said on Thursday.

The regulators, including the central bank, the Ministry of Industry and Information Technology and the Ministry of Public Security, held a conference on the fight against online fraud.

In the past 12 months, China uncovered 394,000 telecom fraud cases and arrested 634,000 criminal suspects, up 28.5 percent and 76.6 percent year on year.

About 1.95 billion fraud calls, 2.14 billion fraud messages and 2.11 million related websites were blocked, which prevented financial losses of about 329.1 billion yuan (US$51.4 billion), said the Public Security Ministry.

More than 129,000 people were sued for information and new types of fraud, 8.5 times higher than a year ago.

The new-style frauds cover advanced technologies like blockchain, cryptocurrencies, artificial intelligence, remote control, shared screens and fake mobile apps.

Cryptocurrencies and tools, especially USDT, are usually used to avoid regulations and for money laundering.

It's an upgraded "attack and defense" war in the cyber world, regulators said.

China is drafting policies on industrial data security and personal information protection, which meet requirements of latest laws like the Personal Information Protection Law taking effect in November, said the MIIT.

The policies regulate the ways and scope of mobile apps collecting personal information and data usage in new areas such as connected cars and artificial intelligence, said Sui Jing, vice head of the network security department of the MIIT.