The central bank issued Yinfa [2016] No. 261 document "Notice of the People's Bank of China on Strengthening Payment and Settlement Management to Prevent New Illegal Crimes in Telecommunications Networks", which also clearly mentioned the hot topics in the current payment market. T+0 settlement management issues, as well as hand-swipe and MPOS products. Currently, these two types of products are basically used as mobile payment products. The terminal cannot confirm the location of use like traditional POS, and may face the risk of being shut down according to requirements! T+0 settlement and MPOS will be affected from December 1st! The number of payment account transfers will also be limited!

The "Notice" imposes restrictions on personal payment accounts of payment institutions such as Alipay and WeChat Pay. Similar to the requirements for banks, starting from December 1, if a non-bank payment institution opens a payment account for an individual, the same person can only open one full-function payment account at the same payment institution. At the same time, payment institutions are required to sign an agreement with the units and individuals when opening payment accounts for units and individuals starting from December 1 to stipulate the daily cumulative transfer limit between payment accounts and payment accounts and bank accounts. and number of transactions. If the limit and number of transactions are exceeded, no further transfer business is allowed.

POS machines that “raise cards” hide multiple risks and are seriously suspected of illegal business crimes

With the rapid development of mobile payment, various types of POS machines, such as home credit card machines and mobile phone POS machines, have With the emergence of portable terminals, POS machines are increasingly used in daily life. With such equipment, bill payment and recharge, credit card repayment, and online shopping payment have become very convenient, so it is loved by many people.

But behind the benefits are often hidden risks. With the increase in the number of POS machine installations and the temptation of cashing out profits with credit cards, this small machine has gradually become a "red line" for many people to touch the law and wander around in supervision. A means of making illegal profits in the gray area.

Credit card cash-out behavior occurs frequently. "Professional card maintenance" has turned into an "interest-free loan" business

It is an open secret that cash can be cashed out using POS machines.

The behavior of cashing out is actually very common in real life. According to the "China Credit Card Report", from 2013 to 2014 alone, 21.29% of people said they had engaged in credit card arbitrage.

Mr. Wang, who is engaged in the business of decoration materials, is often troubled by cash issues when he needs to purchase large quantities of goods. He accidentally thinks of cashing out through credit cards. Mr. Wang has several credit cards with credit limits ranging from 20,000 yuan to 80,000 yuan. Every time he needs to purchase goods, he goes to a merchant he knows with a POS machine to cash out. Often the repayment date for one of the cards is approaching. , just use another card to cash out and pay back the money, and only charge a very low handling fee, which easily solves the **** problem.

For some merchants, cashing out occasionally is to make money or to "rescue" relatives and friends, but for some merchants, cashing out from POS machines is a way to gain astonishing profits. Good business."

There is such a company that specializes in handling credit cards for others, carrying out a series of businesses such as cashing out, repaying, and cashing out again to ensure that the cardholder's credit is intact and collect a certain amount of profit from it. This behavior is called "card maintenance", and such companies are called "card maintenance companies".

Card maintenance companies and credit card holders can cash out all the credit card overdraft limit through "fake consumption and real credit card swiping". Since credit card users have an interest-free period, the handling fee for swiping cards at POS machines is also very low. You only need to pay the operator a small fee to cash out a sum of cash. If you are unable to repay the loan during the interest-free period, the operator can help you pay it back. Cash out again after payment, this is the so-called "interest-free loan".

Personal POS machine becomes the best-selling online mobile phone + card reader = "personal cash-out tool"?

In addition to merchants can apply for POS machines through banks, individuals can also purchase POS machines for personal use online.

Open Taobao and search for the words "personal POS machine", and dozens of related products appear in front of you, with the highest sales record reaching more than 10,000. This is a mobile POS machine that is very popular online. It comes in different sizes, with the smallest one being as big as a matchbox. There are more than 70 pages of such products, most of which have keywords such as "POS machine", "card reader" and "card holder".

The prices of these POS machines range from tens to hundreds of yuan, and they can be used as long as the corresponding software is installed on the mobile phone or directly plugged into the headphone jack of the mobile phone.

Ms. Gui, who works as HR for an Internet company in Beijing, occasionally uses the company's POS machine to cash out. As expenses increase and funds tighten, she spends more than 200 yuan on her own purchases online after a friend introduced her. After purchasing a mobile POS machine, "compared to going to an ATM to withdraw cash, the handling fee for using a POS machine to cash out is obviously lower." Ms. Gui said.

The reason why personal POS machines are called "artifacts" for maintaining cards and cashing out money is because of the low and flexible rates. It is reported that you can also withdraw cash using a credit card at ordinary cash machines, but the amount is limited, and the handling fees and interest are much higher than using cards at POS machines. But online, it’s easy to buy card readers with rates of 0.78%, 0.6%, 0.5% or even 0.35%, and some even have a cap of “25 yuan/35 yuan”.

For example, with a cost of 50,000 yuan, normal cash withdrawals are calculated based on a 20 to 50-day interest-free period, an interest of 50,000 yuan per day, and a handling fee of 250 yuan, which means that the handling fee reaches more than 1,000 yuan, and Cashing out at a personal POS machine only costs a few hundred yuan in handling fees. In comparison, cashing out can save more than half of the money.

Industry insiders revealed that for companies that specialize in "card maintenance", they will choose POS machines with lower rates, such as the ones with a cap of "25 yuan/35 yuan". Calculated in this way , the profits are more amazing than personal cash out.

According to media reports and statistics, there are generally two types of people who cash out their credit cards through personal POS machines: one is the personal behavior of cardholders, who cash out their own credit cards through personal POS machines and only need to bear the transaction The second is to use personal POS machines as fund "intermediaries" to make illegal profits by cashing out other people's credit cards and obtain a certain amount of handling fees.

"Card-keeping" cashing out carries multiple serious risks and may be suspected of illegal business crimes

Using POS machines to cash out credit cards may seem like you can gain considerable benefits, but the risks are obvious.

On December 16, 2009, Article 7 of the "Interpretation on Several Issues Concerning the Specific Application of Laws in Handling Criminal Cases Obstructing the Management of Credit Cards" issued by the Supreme People's Procuratorate and the Supreme People's Procuratorate stipulates: Violation of national regulations, If you use sales terminals and other methods to directly pay cash to credit card holders through fictitious transactions, false prices, etc., if the circumstances are serious, you should be convicted of the crime of illegal business in accordance with the provisions of Article 225 of the People's Republic of China and the Criminal Law of the People's Republic of China. punishment. If the amount involved is more than 1 million yuan, the case is serious; if the amount is more than 5 million yuan, the case is particularly serious, and the person may face up to 15 years in prison, a fine of 1 to 5 times, and confiscation of property.

In addition to illegal risks, the security of cardholders’ information cannot be guaranteed. For example, when cashing out through a "card holder company", you not only need to hand over the credit card, but also hand over important information such as personal credit card password, ID copy, statement, etc. to the "card holder company". It is easy for others to fraudulently claim credit cards and malicious overdrafts. infringement. Some mobile POS machines sold online are also "three-no products". When individuals use them to cash out, their personal information will be leaked unknowingly.

What’s more important is that if cardholders overdraft their credit cards and fail to repay them, or take advantage of the credit card repayment cycle to cleverly engage in “empty-handedness”, once they are discovered, it will be directly recorded in their personal credit files. And if you maliciously overdraw your credit card and fail to repay it, you will also be found guilty of credit card fraud.

Industry experts pointed out that using POS machines to cash out harms the country’s financial stability, increases capital chain security risks, and amplifies credit risks. To combat bank card crime, we must start from the source and strengthen risk control. It is recommended that in addition to examining the authenticity of relevant documents, the bank review department should also strictly check the applicant's corporate account and online bank account, and conduct on-site investigations on its business premises, business scope, tax collection, etc. In the agreement between the bank and the merchant, it should also Merchants’ liability for breach of contract in assisting cardholders to cash out should be clarified.

In addition, the central bank issued Document No. 261 to strengthen bank account management, which triggered an upsurge of users canceling cards. However, some netizens reported that "it is difficult to cancel bank cards in other places."