(ECNS) -- Close cooperation between police and banks has enabled Beijing Municipal Public Security Bureau to freeze 1.003 billion yuan ($153 million) in the past nine months that otherwise would be lost to fraud, the Beijing News reported.
Authorized by the Ministry of Public Security, Beijing police started an information program against telecom and Internet-based fraud through the assistance of banks and financial institutes in the second half of 2015.
The mechanism helps immediately verify suspicious accounts and stop the money transfer process to reduce financial loss.
In the first four months this year, reported telecom fraud originating from abroad dropped by 40.35 percent while financial loss decreased by 64.29 percent.
Beijing police already returned more than 5.8 million yuan to 15 fraud victims from all over the country frozen before swindlers found ways to move the funds.
In about 590,000 telecom fraud cases detected in 2015, figures topped 22.2 billion yuan. Chinse police intensified international cooperation this year to bust a number of fraud rings based in Kenya and Malaysia and were able to repatriate 174 suspects to the mainland.
