Chinese companies ‘increasingly falling victim to bitcoin, cryptocurrency fraud’
Companies in China face higher risks of new scams as they adopt new technology and mobile payment methods, according to the annual fraud report of global risk management firm Kroll
Bitcoin and other cyber-related fraud are on the rise in China as the world’s second largest economy develop and adopt new technology and online payment methods, according to global risk management firm Kroll.
Eighty eight per cent of Chinese companies, including those from Hong Kong, faced cyber-related crime or fraud in 2017, above the global average of 86 per cent, according to Kroll’s Global Fraud & Risk Report released on Wednesday.
“China faces an increase in cyber-related fraud as the country is rapidly adopting new technology and new mobile payment methods,” Paul Jackson, head of Asia-Pacific cybersecurity and investigations at Kroll, told the South China Morning Post in an exclusive interview. “These innovations have made it more convenient for the daily lives of the general public, but it has also led to new risks of cyber fraud and scams.”
Exploiting vulnerabilities in the use of emails was also extremely common, with 55 per cent of respondents in China feeling highly or somewhat vulnerable to email based phishing attacks compared to 53 per cent for data breaches, and 52 per cent for wire transfer fraud.