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Xinhua: Chinese Online Crimes Spread across Borders

Xinhua recently reported from the Fourth China Internet Security Conference that research showed online criminal activities are getting more and more pervasive and are spreading across borders. What is called the "Online Dark Industry" has established an entire “industrial profit chain” reaching a revenue volume of RMB 100 billion (around US$15 billion). Many Chinese online criminals have been setting up phishing sites in Europe and the United States and have conducted different types of fraud back in China. While the cross-country investigations are highly limited due to a lack of cooperation among governments, research has shown that the international online crime rate has increased by 80 to 100 percent over the past couple of years. The study pointed out that the Chinese “Online Dark Industry” had 1.6 million “workers” as of the end of 2015. Most of the activities in this “industry” involve stealing personal information. More and more damage has been seen in the banking industry as well as in the stock market. Experts are calling for a global joint effort to battle these online threats.
Source: Xinhua, August 17, 2016