SHANGHAI has uncovered more banking swindles masterminded overseas - particularly from Hong Kong and Macau.
Banks are stepping up staff training to increase alertness and strengthen their ability to identify the conmen.
The president of the Bank of China's Shanghai branch, Liu Jinbao, said yesterday financial fraud was rising.
Cases were often complex and involved people outside the mainland, he said.
'Many of them were committed by Hong Kong and Macau people through their agents in Shanghai,' Mr Liu said.
Swindlers often pretended to have strong backing from overseas companies and tried to obtain letters of intention or certificates from banks, which enabled them to deceive other firms for funds, he said. Others used forged receipts, credit cards and letters of credit.