The Chinese authorities are sounding the alarm and calling on citizens to be more vigilant.
China's Ministry of Industry and Information Technology has issued a warning about the proliferation of fake wallet apps for the country's central banking digital currency (CBDC), which are used by scammers to defraud citizens.
The digital yuan, also known as e-CNY, will be actively introduced in China starting in 2021. To use a digital currency, you need an app linked to a bank account, and the currency itself is "digital cash" with features specific to China, including the ability to track, which has caused protests in other countries.
The authorities encourage the use of the digital yuan by organizing raffles for cash prizes, encouraging local merchants to accept it, and emphasizing the presence of the new currency at major events. The volume of e-CNY transactions since its introduction has already reached tens of billions of US dollars, and the number of issued digital wallets has exceeded 260 million.
Fraudsters, in turn, do not sleep: they use various methods, including fake apps with patriotic themes or quick-get-rich schemes, to get users personal information.
Chinese experts recommend that citizens of the country beware of applications that promise high returns without risks, and also urge caution when scanning QR codes and visiting unfamiliar sites.
Android smartphone users are also advised to use only official sources to download apps, which can be problematic in China due to the presence of many Android app stores operated by major phone manufacturers such as Huawei and Xiaomi.
The Ministry of Industry and Information Technology encourages Chinese citizens to regularly check lists of known fraudulent apps and avoid using them. Local authorities are also expected to remind app store operators of their responsibility for Internet security in the country.
The promotion of the digital yuan as a medium for international payments is being carried out by China in an effort to reduce the dominance of the US dollar in global trade and increase control over economic operations. Who knew that such a useful economic tool would be used by malefactors against the Chinese citizens themselves?
Unfortunately, scammers managed to introduce fake applications for operations with digital yuan into circulation. And now the task of both technology companies and regulators is to secure the digital space as much as possible for ordinary users.
China's Ministry of Industry and Information Technology has issued a warning about the proliferation of fake wallet apps for the country's central banking digital currency (CBDC), which are used by scammers to defraud citizens.
The digital yuan, also known as e-CNY, will be actively introduced in China starting in 2021. To use a digital currency, you need an app linked to a bank account, and the currency itself is "digital cash" with features specific to China, including the ability to track, which has caused protests in other countries.
The authorities encourage the use of the digital yuan by organizing raffles for cash prizes, encouraging local merchants to accept it, and emphasizing the presence of the new currency at major events. The volume of e-CNY transactions since its introduction has already reached tens of billions of US dollars, and the number of issued digital wallets has exceeded 260 million.
Fraudsters, in turn, do not sleep: they use various methods, including fake apps with patriotic themes or quick-get-rich schemes, to get users personal information.
Chinese experts recommend that citizens of the country beware of applications that promise high returns without risks, and also urge caution when scanning QR codes and visiting unfamiliar sites.
Android smartphone users are also advised to use only official sources to download apps, which can be problematic in China due to the presence of many Android app stores operated by major phone manufacturers such as Huawei and Xiaomi.
The Ministry of Industry and Information Technology encourages Chinese citizens to regularly check lists of known fraudulent apps and avoid using them. Local authorities are also expected to remind app store operators of their responsibility for Internet security in the country.
The promotion of the digital yuan as a medium for international payments is being carried out by China in an effort to reduce the dominance of the US dollar in global trade and increase control over economic operations. Who knew that such a useful economic tool would be used by malefactors against the Chinese citizens themselves?
Unfortunately, scammers managed to introduce fake applications for operations with digital yuan into circulation. And now the task of both technology companies and regulators is to secure the digital space as much as possible for ordinary users.
