ICBC has successfully blocked 31,000 telecom frauds since September 2013 by using centralized data monitoring technology and avoided losses of RMB 380 million for customers.

According to an ICBC official, ICBC has independently developed and launched an external risk information service platform - “e-Financial Security” to realize “Precise Strike” on external crimes such as telecom fraud. The platform supports risk information collection and analysis, risk rating, data mining, real-time warning and automatic control and has remarkable advantages in preventing external frauds and protecting customers’ transactions. ICBC has completed channel layout of “e-Financial Security” for the accounts involved in fraud, checked all the remittances through channels such as outlets, internet banking, telephone banking, mobile banking and self-service terminals, automatically issued warnings and prompts about telecom frauds in real time and fundamentally reduced the success rate of telecom fraud and other external crimes. According to statistics, the average accuracy rate of risk warnings issued by “e-Financial Security” is over 95.59% and the accuracy rate of its risk warnings about remittance related frauds and credit card application related frauds is over 98%.

Thanks to the support of ICBC’s powerful IT system, “e-Financial Security” can respond to external risks in milliseconds, which can issue real-time warnings about external frauds and remind bank staff to take prevention and control measures. It can also be used in the core banking system and business areas such as credit cards, loans, retail banking, instruments, private banking, human resources and integrated procurement to provide information and technical support to prevent and control the risks in reviewing and handling the relevant services. Meanwhile, by collecting and analyzing the information of risky customers and accounts in and outside the bank, “e-Financial Security” has listed a large number of typical fraud risk events and set up scenario models using the risk factors, and automatically generated statistical statements and analysis charts to support risk inquiry, analysis and assessment, and it supports intelligent analysis of external risk events. Take the use of "e-Financial Security" to prevent telecom frauds as an example. When a customer makes remittance at ICBC’s outlet, the front office system will be automatically connected with the back office database of “e-Financial Security” to check the payee’s account number. If the account number is on the list of telecom frauds, ICBC’s front office system will automatically issue a warning, asking the teller to take measures according to business rules and risk prevention requirements. With the system’s help, tellers can accurately and effectively remind customers of the risks, protect their transactions and avoid losses.