China’s internet users are used to data leaks by now as many Chinese websites apparently suffer from subpar security practices, but they may not be used to their information being leaked on purpose. That’s exactly what happened to some Bank of Jiangsu customers recently, according to Jingji Cankao. A branch of China’s central bank in Shanghai discovered that a Shanghai branch of the Bank of Jiangsu had sold users’ credit information to Yixin Puhui, a P2P and microfinance company associated with the Yixin group. Users apparently had not been informed of this sale.
Bank of Jiangsu denies having broken any laws or regulations, saying that the credit report sale was part of a value-added service they were offering customers in cooperation with Yixin. However, many outside observers feel that this may be a bluff. The bank had previously been planning an IPO, and allegations of improper or even criminal behavior would certainly throw a rather large wrench into those works. Rumor has it the central bank told Bank of Jiangsu to shape up and rectify the situation; when called by a Jingji Cankao reporter, the central bank did not confirm or deny this.
So what exactly is going on here, and who is in the wrong? As usual, it is far from clear. But consider this reminder number 6,782 to put your money and give your information only to companies you really trust.
[via Techweb]
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