Better check behind the bank teller’s window

With the variety of scams in China, most people like to think that they have become wiser to traps and would not easily fall for a con. But even the most suspicious might have been tricked by an elaborate fake which involved setting up a whole physical bank complete with card readers, passbooks and staff in uniforms to make it seem legitimate. Last month, a "branch" of the China Construction Bank, one of China's State-owned "big four" commercial banks, opened in Lanling county, Shandong Province. The new "bank," located near a local market, was good news for vendors since they didn't have to go a long way for saving. A local customer soon deposited 40,000 yuan ($6,200) into the bank, but when he requested to withdraw the money a few days later for emergency reasons, he was told the new bank's network hadn't been established yet and was not allowed to withdraw his money. Then the man rushed to another branch of the China Construction Bank, where managers there saw his passbook was fake and alerted the police. It was soon discovered that the convincing-looking "bank" was a swindle. In order to collect money to start a business, a man surnamed Zhang set up the fraudulent outlet, equipping it with card readers, passbooks and three staff members at the teller counter. "I just wanted to open a bank … I didn't think that much about it," the fake banker confessed after he was arrested. Zhang was not the first person to do this. In January, a fake bank in Nanjing, Jiangsu Province was able to run for a whole year, managing to swindle 200 million yuan from almost 200 unsuspecting savers. The bank promised an interest rate of 2 percent per week, much higher than that offered by State-owned banks, and high interest subsidies. Luckily Zhang's trap was exposed early. It only lasted one month before being discovered and didn't steal much money. That the fake banks were able to operate left some netizens incredulous. They blamed the authorities for ineffective supervision. There was also much ridicule online over China's "knock-off" businesses, from fake brands on clothes and toys to pirate DVDs and now counterfeit banks. As banks in China are State-owned, people traditionally have high trust in them and could hardly imagine the chutzpah necessary to set up a fake one. Criminals make use of such mentality and scam money from unsuspecting customers. This has shed light on the sad fact that many Chinese, especially those in the rural areas, have little financial knowledge and an inadequate legal consciousness. They are unable to build a strong shield to secure their assets. Financial scams are becoming a growing menace in China. Whether it's a voice on the end of the phone claiming to offer an amazing investment opportunity or an entire fraudulent bank window, the public needs to stay on alert, double-check who they trust, and not believe unbelievable opportunities.