At 9:45am on December 1, ICBC successfully intercepted a telecom fraud related to ATM transfer by implementing new regulations on management of bank accounts, helping the customer retrieve RMB 28,000. It is China’s first telecom fraud of ATM transfer that has been successfully intercepted after the implementation of the new regulation.

Wen Lu, the lobby manager of ICBC Yongding Sub-branch, Zhangjiajie, Hunan Province, said that around 9:35am, a customer rushed to the lobby of Banking Department of ICBC Yongding Sub-branch and asked for help. According to Wen Lu’s inquiry, the customer answered an unknown call and mistakenly regarded caller as a friend. The customer transferred RMB 28,000 to the account provided by the caller. After the cross-bank transfer, the customer suspected a telecom fraud, and rushed to the lobby for help. After learning what happened, Wen Lu comforted and told the customer that it was the first day of implementing new regulations on bank card transfer. Any money transferred to accounts not in the name of the remitter via ATM will be delivered after 24 hours. In addition, ICBC Yongding Sub-branch arranged a teller to revoke the transfer. The incident was handled within less than ten minutes, without any loss to the customer’s funds.

To implement the new regulation of the People’s Bank of China on management of bank accounts, prevent new types of telecom and internet offenses and safeguard fund safety and lawful rights & interests of customers, ICBC has in advance upgraded its business system and ATMs and intensified training for employees. As of December 1, revocation and delivery delay services will be provided within 24 hours after handling of transfer. ICBC customers may revoke transfer by dialing the customer service hotline 95588 or at outlets. Customers of other banks may apply for revocation of transfer to card issuers. ICBC offers three channels for customers who require real-time transfer to accounts: mobile and internet banking, outlet counter, and smart terminals at 10,000 smart outlets in China, which ensures the convenience of fund transfer will not be compromised.