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ICBC Uses Big Data to Effectively Protect Customers’ “Money Bags”

In 2018, Industrial and Commercial Bank of China Limited (ICBC) used ICBC e-Security, an independently developed big data-based anti-fraud system, to help customers prevent nearly 80,000 telecom frauds and avoid RMB2.4 billion losses. So far, ICBC e-Security has accumulatively intercepted 250,000 telecom frauds and recovered RMB5.8 billion financial losses for customers, effectively protecting the customers’ “money bags”.

According to an official from ICBC, frequent occurrence of financial frauds in the Internet environment posed severe threats to customers’ fund security and transaction security. Given so, ICBC has put into full play its advantages in financial expertise and information technology. It independently developed and launched the big data-based anti-fraud system ICBC e-Security in 2013. ICBC has cooperated with public security departments to develop telecom fraud risk database, collected information on risky customers and risky accounts of various types from inside and outside of the Bank and connected it with related business systems of the entire bank, forming an all-round external fraud risk management platform integrating information collection, risk early-warning, monitoring for analysis and proactive control. With the help of ICBC e-Security, ICBC can accurately identify accounts with telecom fraud risk and intercept remittance and other risky transactions beforehand, providing customers with sound protection.

Currently, ICBC uses ICBC e-Security for omni-channel control over risky accounts, conducting immediate screening for all the transfer and remittance transactions via ICBC outlets, online banking, telephone banking, mobile banking and self-service terminals, informing customers of risks in time and giving real-time automatic warnings for telecom frauds. By doing so, it lowers the probability of telecom frauds from the source.

Meanwhile, ICBC e-Security is increasingly popularized among the public and financial peers, promoting financial security improvement of the whole society. ICBC also works with public security departments and launches the ICBC e-Security for public welfare. The public can use a mobile APP to inquire information on telecom fraud risk conveniently for free and rapidly identify if related accounts are risky in telecom frauds before transfer and remittance. Up to now, over 17 million times of inquiries has been made via ICBC e-Security for public welfare. ICBC shares the ICBC e-Security risk control system with over 100 domestic and foreign financial peers and provides anti-telecom fraud technical support for more banking customers.