Fake High-Interest Deposit Ads Misused Major State-Owned Banks’ Names, Two Banks Say

Agricultural Bank of China and China Construction Bank said online claims promoting “high-interest deposits” in their names were false. According to Jin10, the banks said criminals had impersonated major state-owned banks and posted fraudulent ads on third-party platforms and social channels, including promotions such as “deposit 1,000,000 yuan to earn 5.25% interest.” The report said the ads lured consumers into adding WeChat contacts, after which the perpetrators promoted overseas insurance and investment products to earn commissions and, in some cases, carry out fraud. Both banks said they had verified that no such deposit products existed and that the promotions were fabricated. The banks also warned consumers to be cautious of return promises far above market levels, to use official channels such as bank branches, official websites, and official apps, and to avoid clicking unknown links or disclosing sensitive information such as ID numbers and verification codes to prevent financial losses.