The Shenzhen Intermediate People’s Court has sentenced Hui Ka Yan, the founder of China’s Evergrande real estate group, to life in prison Thursday for large-scale fraud
BEIJING — The Shenzhen Intermediate People’s Court sentenced Hui Ka Yan, the founder of China’s Evergrande real estate group, to life in prison Thursday for large-scale fraud.
Evergrande was the world’s most heavily indebted real estate developer with more than $300 billion in liabilities before it was ordered to liquidate.
This remains the most prevalent form of financial crime globally. It targets the direct access points to your money: your cards and your bank accounts.
- Skimming: Criminals use small devices called “skimmers” placed over ATM or point-of-sale card slots to capture the data from your card’s magnetic strip.
- Card-Not-Present (CNP) Fraud: This occurs during online shopping where a physical card isn’t required. Thieves use stolen card numbers, expiry dates, and CVV codes to make unauthorized purchases.
- Account Takeover (ATO): A hacker gains access to your online banking credentials (often through malware or phishing) and changes the contact details or passwords, locking you out while they drain your funds.