Chinese cybersecurity authorities take action against 42,000 fake investment platforms

The country’s drive to fight such telecom network crime has included a crackdown on fake investment platforms, according to China’s cyberspace authority, which was announced on Friday.

According to a statement on its website, the Cyberspace Administration of China (CAC) said that since the beginning of this year, it has investigated and taken action against almost 42,000 fake applications, adding them to the national fraud-related database.

The regulator stated that it discovered several instances of website spoofing where con artists produced phony investment platforms by imitating well-known digital firms, such as JD Finance, the fintech division of e-commerce behemoth

According to CAC, “App stores and other platforms should also tighten the security review of App downloads to stop phony Apps from fishing in murky waters to endanger internet users.”

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According to a state media report from April, the number of telecom fraud charges in China has decreased for nine straight months beginning in June 2021.

As part of its effort to “clean up” the Internet, the CAC announced in December 2021 a two-month special operation to examine online platforms, including social media networks and video-sharing websites, and crack down on fraudulent accounts and content.

The probe took place against a broad regulatory crackdown on some industries, with authorities increasing control over businesses in the technology, real estate, gambling, education, cryptocurrency, and banking sectors. According to the regulator, officials will target dishonest online behaviors, such as inflating interaction rates and purchasing bogus followers and reviews.

The cyberspace regulator also carried down targeted special operations against celebrity fandom, children using the Internet, and discussions of historical events that diverged from the official version espoused by the Chinese Communist Party, which is now in power.

China’s State Council also released guidelines for creating a “civilized” Internet in September 2021. The online should promote education about the governing Communist Party and its accomplishments.