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Inside the Chinese fraud rings stealing billions from banks and retailers

CNBC Business·July 17, 2026·1 min read
Inside the Chinese fraud rings stealing billions from banks and retailers

Chinese organized crime groups are making as much as $1 billion annually in tap-to-pay fraud schemes targeting retailers and banks, according to a report. The fraud rings exploit contactless payment systems to steal funds, posing significant financial threats to businesses and financial institutions.

Read at CNBC Business
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