- China’s Communist Party launches aggressive crackdown on telecom fraud.
- Fraud groups employ deceptive tactics, camouflaging as job opportunities.
- The government champions international collaboration and public awareness.
In a resolute declaration, the Communist Party of China has taken a firm stance against the rising tide of overseas telecommunications fraud executed via crypto technology. Specifically, the government denounced the perpetrators exploiting innovative technologies such as blockchain, metaverse, cryptocurrency, and AI to orchestrate deceitful schemes.
Prominent Chinese reporter Colin Wu took to Twitter recently to share the update with the crypto community.
The Communist Party of China stated that it will severely crack down on overseas telecommunications fraud, and emphasized that fraudulent groups use new methods such as blockchain, metaverse, virtual currency, and AI. Among them, the blockchain is listed at the top of the list.…— Wu Blockchain (@WuBlockchain) August 6, 2023
In a recent plenary session, the Chinese Central Political and Legal Committee stressed the imperative of systematic governance and a legal framework to stem the tide of illegal activities infiltrating the nation’s digital landscape.
According to a local report, fraudulent groups outside China have been employing deceptive tactics to manipulate individuals into participating in illicit activities over the past few years. The fraud group allegedly camouflages itself under the ruse of lucrative job opportunities to ensnare unsuspecting individuals.
The report highlighted that the fraud groups have evolved by leveraging emerging technologies such as blockchain, metaverse, cryptocurrency, and AI. These Web3 technologies enabled them to devise more intricate and obscured criminal tools.
The audacious scope of the fraudulent endeavors has ignited a fierce resolve within the Party’s ranks to crack down on these activities. To counteract the transnational menace, the Party has championed the need for fortified international collaboration in law enforcement to mount concerted offensives.
The Chinese government is also ramping up public awareness campaigns and educational initiatives to combat this threat effectively. These endeavors aim to empower individuals, particularly the younger generation, who are more susceptible to these schemes, with the knowledge and skills to identify and thwart telecommunications and network fraud.
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