As of the end of 2016, ICBC has successfully warned and blocked over 110,000 remittances related to telecommunication frauds using its External Fraud Risk Information System, avoiding losses worth RMB 1.6 billion for domestic and overseas customers.

To effectively prevent the security risks caused by telecommunication frauds, ICBC took the lead among domestic and foreign peers in 2013 to develop and launch the External Fraud Risk Information System, which enables real-time and accurate early warning and prevention of external fraud risks. This system collects information on all kinds of at-risk customers and accounts from within the Bank, other financial institutions and judicial and administrative bodies, establishes an external fraud risk database, and shares with all relevant business systems of the Bank, forming an extensive external fraud risk control platform integrating information collection, risk early warning, monitoring and analysis, and active control. The External Fraud Risk Information System also establishes control over all channels of the accounts involved in cases, realizing real-time screening of transfer and remittance transactions made through outlets, online banking, telephone banking, mobile banking and self-service terminals and other channels. Risk alerts are delivered to customers with real-time automatic warnings on telecommunication frauds, which fundamentally reduces the possibility of successful telecommunication frauds.

In addition, to enhance the public’s ability to prevent telecommunication frauds, ICBC launched China’s first anti-telecom fraud software - “ICBC Security e-Message” (public version) last year based on the External Fraud Risk Information System. Users only need to download and register at ICBC Link app and find the software under the title of “Discover”. It can be used for free to verify the security of the beneficiary’s account before making a transfer. As of the end of 2016, the software has received more than 5,480,000 hits.