Many banks have lowered personal online transaction limits to target online fraud

Many banks have lowered their personal online transaction limits to point out Internet fraud

Many banks have lowered their personal online transaction limits to point out Internet fraud. Agricultural Bank of China customer service staff said that in accordance with the regulations carried out by regulatory agencies Regarding special operations related to telecommunications fraud, limits will be imposed on some customers, and many banks have lowered personal online transaction limits to target online fraud. Many banks have lowered personal online transaction limits to target online fraud 1

Banking institutions are constantly increasing their management of online channels for personal accounts.

Recently, China Everbright Bank, Shanghai Pudong Development Bank, Agricultural Bank of China and other banks have issued announcements to lower the transaction limits for online related businesses of personal accounts, including online transfer limits and online payment transaction limits.

Regarding the reason for the adjustment, the customer service staff of the above-mentioned banks generally stated that it was mainly to prevent telecommunications network fraud. According to industry insiders, it is a general trend for banks to strengthen personal account and card management. In the future, banks may achieve a dynamic balance between business risk prevention and user convenience by improving risk control and financial technology levels.

Some users’ online businesses have been restricted.

China Everbright Bank has mainly adjusted the online payment transaction limits. Everbright Bank stated in the announcement that starting from May 12, 2022, the online payment transaction limit will be adjusted. For payment transactions that users consume through various online transaction channels and complete through the Everbright Bank payment platform, the default single limit and single limit will be adjusted. The daily limit is adjusted to 10,000 yuan.

Everbright Bank Data Map

Agricultural Bank of China has mainly adjusted the personal online banking and mobile banking transfer limits for some users.

Shanghai Pudong Development Bank Chengdu Branch, Changsha Branch, and Fuzhou Branch have successively issued announcements on adjusting the non-counter business limits of personal bank settlement accounts, saying that they will appropriately adjust the non-counter business of personal bank settlement accounts based on account usage. limit.

After consulting bank customer service, the reporter found that many banks have adopted limit measures for online business. Only by looking at the actual use of personal accounts and relevant policies in the region can we determine the specific limit and whether it is subject to the limit. For example, Agricultural Bank of China customer service said that the limit adjustments are different in different provinces and regions, and the specific adjustments involving different personal accounts in the same province are also different.

Taking Hangzhou as an example, if the electronic channel of individual existing customers has not had a transaction list for more than 12 months, the adjusted external transfer limit may be 10,000 yuan in a single day; taking Fuzhou as an example, if individual existing customers have no transaction list for more than 12 months, If a customer has no electronic channel transactions and transaction lists within 2 years, the daily limit may be 5,000 yuan.

In addition, Shanghai Pudong Development Bank customer service said that there are two situations regarding non-counter limit restrictions in Fuzhou. First, starting from September 28, 2021, each branch should immediately pass through after opening a new personal bank account. Transactions will include newly opened personal bank accounts under the control of a single-day limit of 5,000 yuan for non-counter transactions; secondly, customers who have no transaction records for a long time within six months of all outlets under the jurisdiction of Fuzhou Branch; V0 level customers who have transactions and a balance of less than 100 yuan and their balances V1 level customers with less than 1,000 yuan.

“Accounts with long-term abnormalities in the amount of incoming and outgoing accounts, long-term non-use of account transactions, or accounts suspected of money laundering may become subject to bank limits. This is an important step for banks to strengthen their own risk management. Wang Pengbo, a senior analyst in the financial industry at Broadcom Consulting, told a reporter from Securities Daily that in recent years, telecommunications fraud and illegal transactions in personal accounts have occurred frequently. Banks assume the responsibility for account security and anti-laundering, and increase the number of online checks on personal accounts. Channel management is very necessary.

Strengthening personal account management is a major trend

In recent years, banks have continuously strengthened their management of personal accounts, from cleaning up "sleeping accounts" to starting to clean up "excess accounts for one person" , and then upgraded to include bank cards with a balance of less than 10 yuan into the sleep account. Especially in response to telecommunications fraud, many banks have launched "card cancellation" operations since last year.

The industry generally believes that the bank's reduction in the online transaction limits for personal accounts is another upgrade of banks' management and control of personal accounts in response to risk events such as telecommunications fraud.

Currently, online banking services such as online transfers and online payments have been widely used by users.

For banks, strengthening account management and control can, to a certain extent, build a line of defense for users against telecommunications fraud. But from a consumer perspective, it may bring some inconvenience to users’ daily consumption and transactions.

"Strengthening user account and card management will be the general trend." Pan Helin, co-director of the Digital Economy and Financial Innovation Research Center of Zhejiang University International Joint Business School, told Securities Daily , it is expected that more banks will follow up on personal account management. However, how to find a balance between customer convenience and fund security will be a key consideration for banks.

Su Xiaorui, a senior analyst in the financial industry of Analysys, also agreed with the above statement. She believes that while preventing risks, banks should also pay attention to the convenience of financial services.

Huang Dazhi, a researcher at Xingtu Financial Research Institute, provided the following suggestions for users: First, the awareness of account inventory, users should do a good job in bank account management; second, the awareness of risk management, users should use third-party payment software Among them, bank cards that are not used should be unbound in a timely manner, and bank cards that have not been used for a long time should be canceled in a timely manner. It is important to emphasize that users must not rent, sell, or lend their bank cards or payment accounts. Many banks have lowered personal online transaction limits to target online fraud 2

Recently, as the crackdown on telecommunications fraud continues, many banks have lowered personal account online transaction limits, and some banks even have a single-day limit of 1 million, which attracted huge attention from the society.

Banks have stated that the limit work for relevant accounts is mainly to implement relevant requirements, prevent the risk of telecommunications network fraud, and ensure the safety of customer account funds.

Announcements from multiple banks

Reduction of online transaction limits for personal accounts

Recently, Agricultural Bank of China, China Everbright Bank, Shanghai Pudong Development Bank, etc. Many banks have issued announcements that they will adjust the personal online banking and mobile banking transfer limits or online payment transaction limits for some customers.

Agricultural Bank of China: Adjustments to personal online banking and mobile banking transfer limits for some customers

On April 2, Agricultural Bank of China issued the "Announcement on Lowering the Transaction Limits of Some Customers through Online Financial Channels" 》:

Recently, telecom network fraud has occurred frequently. In order to protect the safety of customer accounts and funds and implement regulatory regulations, our bank will gradually adjust the transfer limits for some customers' personal online banking and mobile banking.

At that time, if the customer needs to increase the online transfer limit, please bring your valid ID and bank card to any of our bank branches to handle it. In some areas, due to local regulatory requirements, other auxiliary supporting materials may be required. Please consult local outlets for details. If you are unable to go to an outlet for limit adjustment due to special circumstances, please call our customer service hotline 95599 for consultation.

Everbright Bank: The default single limit and single-day limit for online payment transactions are adjusted to RMB 10,000 this time.

Previously, on March 24, Everbright Bank had issued the "Announcement on Adjusting Our Bank's Online Payment Transaction Limits". Starting from May 12, 2022, our bank will adjust the online payment transaction limits. The main contents are as follows:

Online payment transactions are payment transactions that you consume through various online transaction channels and complete through the Everbright Bank payment platform. The default single limit and single-day limit for online payment transactions are adjusted to RMB 10,000 this time. You can independently modify the online payment transaction limit through the "Transaction Limit Setting" of our Sunshine Hui Life APP and customer service channels. If you have adjusted your online payment transaction limit before, you will not be affected by this adjustment and your online transaction limit will remain unchanged.

Multiple branches of Shanghai Pudong Development Bank: Appropriately adjust the non-counter business limits for personal bank settlement accounts

Shanghai Pudong Development Bank Chengdu Branch, Changsha Branch, Fuzhou Branch, Hangzhou Branch etc. have successively issued announcements on adjusting the non-counter business limits of personal bank settlement accounts, stating that the non-counter business limits of personal bank settlement accounts will be appropriately adjusted based on account usage.

The amount involved is huge

The two departments jointly supervised the handling of 5 extremely large cross-border telecommunications network fraud cases

The above-mentioned banks have stated that in response to The limit work for relevant accounts is mainly to implement relevant requirements, prevent the risk of telecommunications network fraud, and ensure the safety of customer account funds.

At present, with the rapid development of the Internet economy and telecommunications industry, new crimes represented by telecommunications network fraud continue to occur at a high rate and have become one of the prominent crimes with the fastest rise and the strongest public response. Fraudulent behaviors such as "gambling pig slaughter" and "fake loans" occur frequently.

It is worth noting that while many banks have lowered the online transaction limits for personal accounts, the Supreme People’s Procuratorate and the Ministry of Public Security have recently jointly supervised the handling of five major cross-border telecommunications network fraud cases, including the Zhejiang “12.30” case. Crime cases.

In recent years, procuratorial organs and public security organs have worked closely together to crack down on telecommunications network fraud and related crimes in accordance with the law, strictly and across the entire chain, effectively safeguarding the legitimate rights and interests of the people. However, the current incidence of telecom and network fraud crimes is still high, and the people have strong reactions. In particular, fraud criminal groups organize personnel to go to overseas bases to commit fraud on ordinary people in the country, which seriously affects the people's sense of security.

According to reports, the five cases listed and supervised this time are all cases of cross-border telecommunications network fraud criminal groups, with a wide range of victims and a large number of victims, and the amount of money involved in many cases Huge and serious social harm.

The procuratorial organs and public security organs will insist on fighting at home and abroad, online and offline, focusing on arresting and severely cracking down on the behind-the-scenes "financiers" and key elements of criminal groups, especially promoting the arrest of fugitives involved in overseas fraud. , extradition, and repatriation work; comprehensively punish illegal criminal gangs that provide personal information, technical support, payment and settlement and other assistance to criminal groups, resolutely eradicate criminal dens, and resolutely cut off the criminal chain.

At the same time, the procuratorial organs and public security organs will carry out the work of recovering stolen goods and damages throughout the entire process of case supervision, thoroughly investigate the flow of funds, freeze and recover fraud-related funds in a timely manner in accordance with the law, seize and dispose of property involved in the case, and urge criminals to take the initiative Return stolen goods and compensation, and do our best to recover the people's property losses to the maximum extent.

At the same time, the procuratorial organs and public security organs solemnly warn criminals who are stranded abroad to evade legal sanctions to recognize the situation clearly, not to take any chances, and to return to the country as soon as possible to surrender. Many banks have lowered personal online transaction limits to target online fraud 3

Recently, many banks, including Agricultural Bank of China, Shanghai Pudong Development Bank, China Everbright Bank, and Longhai Rural Commercial Bank, have issued announcements regarding personal online banking for some customers. , mobile bank transfers, online payment transactions and non-counter business limits will be adjusted, and the single-day limit will be adjusted to 10,000 yuan or even several thousand yuan. Why do banks need to adjust personal non-counter transaction limits? What impact will the adjustment have on you?

Bank adjusts non-counter business limits

Recently, the Agricultural Bank of China issued an announcement stating that telecommunications network fraud has occurred frequently recently. In order to protect the safety of customer accounts and funds and implement regulatory regulations, the bank The personal online banking and mobile banking transfer limits of some customers will be adjusted gradually.

Coincidentally, in March this year, Shanghai Pudong Development Bank issued multiple announcements. The bank’s Chengdu Branch, Changsha Branch, and Fuzhou Branch all issued announcements on adjusting the non-counter business limits for personal bank settlement accounts. The content is roughly similar, "To ensure the safety of your funds, our bank will appropriately adjust the non-counter business limits of personal bank settlement accounts based on account usage."

Everbright Bank The Credit Card Center also recently issued an announcement stating that starting from May 12, 2022, the bank will adjust the online payment transaction limits. The main contents are as follows: Online payment transactions, that is, you consume through various online transaction channels and pay through Everbright Bank Payment transactions completed by the platform. The default single limit and single-day limit for online payment transactions are adjusted to RMB 10,000 this time.

On April 9, Longhai Rural Commercial Bank also issued the "Announcement on Batch Adjustment of Non-Counter Business Limits for Existing Personal Settlement Accounts."

According to the adjustment plan, batch adjustment refers to setting different levels of non-resident funds after classifying the risk of the account with reference to the personal information (age, etc.) reserved by the customer, the amount of payment transactions in the past six months, the number of transactions, and the account balance. The counter business limit (counter transactions and collection business are not limited) will be adjusted starting on April 20, 2022.

Many banks mentioned "non-counter services" in their announcements. Simply put, they refer to services that are not handled at bank counters, including but not limited to online banking, mobile banking, gateway payment, quick payment, Sales terminals (POS), self-service teller machines (ATM) and other services.

In fact, Sino-Singapore Jingwei found that as early as September 2021, many rural commercial banks and rural credit cooperatives have issued announcements to adjust the non-counter business limits of personal settlement accounts in batches. Most of the banks announced are concentrated in Fujian Province, Guizhou Province and other provinces.

Regarding the scope of adjustment, some banks have classified it as "inactive personal settlement accounts". For example, the announcement of Fujian Longyan Rural Commercial Bank explains that "inactive personal settlement accounts refer to personal settlement accounts that have not actively initiated any collection and payment business for three consecutive months and have an average daily balance of less than 100 yuan." According to the Shunchang County Rural Credit Cooperative Association, "Inactive personal settlement accounts refer to personal settlement accounts that have not actively initiated any collection and payment business for six consecutive months and the average daily balance of the account in the last quarter was less than 500 yuan."

There are also banks that have set a wider range. For example, the adjustment range of Fujian Straits Bank is: the average daily balance in 2021 is less than 1,000 yuan and the account opening date is July 1, 2020. RMB personal current settlement accounts (except individual accounts such as social security issuance accounts).

It is worth noting that many banks have set the non-counter business limit at a single-day cumulative payment limit of 5,000 yuan (counter transactions and collection services are not limited).

Targeting Telecom Fraud

As for the reason for adjusting the limit, the customer service staff of the Agricultural Bank of China said that in accordance with the special actions related to telecom fraud carried out by the regulatory agencies, limits will be imposed on some customers. Transfers through offline channels should not be affected. The main ones affected are mobile banking, online banking and third-party payments including Alipay and WeChat Pay. "

"This move is for further improvement. To implement the People's Bank of China's management and control requirements on personal account classification levels, strengthen the management of personal non-counter transaction limits, and prevent back-washing, the non-counter limit of personal accounts has been increased," said a customer service staff of Shanghai Pudong Development Bank.

Longyan Rural Commercial Bank disclosed in the announcement that according to the requirements of the "Notice on Strengthening the Management of Existing Accounts" issued by the Longyan Central Branch of the People's Bank of China and the Longyan City Joint Conference Office on Combating New Illegal Crimes in Telecom Networks, Based on the actual situation of the bank, starting from March 28, 2022, the non-counter business limits of the bank’s inactive personal settlement accounts will be adjusted in batches.

Fujian Straits Bank stated in the announcement that telecommunications fraud cases have occurred frequently in recent years. In order to further strengthen account risk prevention and control and promote customers to rationally arrange and use personal bank account resources, the bank will carry out personal bank account non- Adjustment of over-the-counter transfer limit.

In an interview with China-Singapore Jingwei, Wang Pengbo, a senior analyst in the financial industry of Broadcom Consulting, analyzed that it is mainly related to the frequent occurrence of fraud and illegal transactions, and banks also bear a lot of responsibility. Security and backwash q responsibilities.

In October 2020, the Inter-Ministerial Joint Meeting of the State Council on Combating and Controlling New Illegal Crimes in Telecom Networks deployed a nationwide “card disconnection” operation to severely crack down on phone card and bank card illegal crimes. In recent years, banks have also continued to carry out "card cancellation" operations, and many banks have also begun to clean up "sleeping cards".

In recent years, telecommunications fraud incidents have become common. Sino-Singapore Jingwei has interviewed many victims of telecommunications fraud. Some were deceived by so-called online store customer service returns, and some were deceived by personnel pretending to be public prosecutors. During the deception process, some victims' funds in their personal bank card accounts were defrauded. The perpetrators stole or unconsciously transferred the funds to other people's accounts, ranging from tens of thousands to hundreds of thousands of yuan.

After being deceived, victims often complain about the bank, believing that the bank's security measures are imperfect and giving fraudsters an opportunity, and even sue the bank for compensation.

Wang Pengbo believes that the limit will be inconvenient when transferring large amounts, but the security will be more guaranteed, and the loss in case of fraud will be much smaller.

How to balance security and convenience?

Regarding the bank's quota adjustment, some netizens said: "Internet fraud is really abominable", but some netizens said, "I was anxious to withdraw money, but the limit was exceeded."

In this regard, Shanghai Pudong Development Bank stated in the announcement that if the customer's account transaction prompts that the transaction limit has exceeded, and there is a need to increase the non-counter business limit, the customer can present his/her original valid ID and bank card to Go to any of the above branches for identity verification.

China Everbright Bank pointed out in the announcement that it can independently modify the online payment transaction limit through the "Transaction Limit Setting" of China Everbright Bank Sunshine Hui Life APP and customer service channels. If you have already adjusted the online payment transaction limit before, you will not be affected by this adjustment, and the online transaction limit will remain unchanged.

Longhai Rural Commercial Bank stated that if you need to increase the payment limit of your account, please bring your valid identity document to the bank's branch to make a statement. After verifying that the account usage is true and legal, the bank will adjust the account payment limit based on the user's actual needs.

In real life, how to strike a balance between ensuring the safety of customer funds and providing convenience to customers is also a challenge that banks face. "Many banks have made good attempts. For example, after some banks reduce the transaction limit of their accounts, users can still make self-service withdrawals online.

Such a limit setting can already meet the needs of ordinary people. Users' daily needs. If the quota is still not enough, you can go to the branch to apply for an increase, which can also meet the needs of a small number of large-amount financial transactions," said Huang Dazhi, a researcher at Xingtu Financial Research Institute.

Wang Pengbo believes that in terms of ensuring security, banks should work more on financial technology to improve the level of technical prevention and risk control, while users should prevent their accounts from being used by benchmarking and money laundering platforms, and at the same time improve their own security. Fraud prevention awareness.