Credit card fraud still plaguing Shanghai

Credit card fraud cases topped financial crimes in Shanghai in 2013, according to a white paper issued by the city's procuratorate on Monday. The document also shows that Internet finance is posing more pressing challenges to defining and investigating financial crimes.

The number of financial crime cases fell in 2013 from the previous year, but new types of crime involving wealth management products and electronic trading occurred more frequently, the report said.

"Information technology makes financial transactions more convenient today. But the difficulty in identifying the trade subjects in cyberspace, the insufficient protection of consumers' information, and lack of supervision are the major shortcomings," said Xiao Kai, director of financial prosecution for the procuratorate.