WeChat, China’s major messaging and social media mobile app, is starting to target financial fraud on the platform, removing more than 120 chat groups and limiting the use of certain functions of 1,100 accounts, Yicai.com reported.
The company said they have recently received complaints that some users were conducting fraud and harassment through the recommendation of stocks, futures and other “non-fixed income” investment products.
This refers to investment products including but not limited to stocks, options, futures, foreign exchange, commodities, digital currency and so on.
WeChat, which was developed by Tencent, has warned its users that these kinds of recommendations lure users into investing by forging the so-called insider information and quotation analysis, claiming that they can accurately forecast the ups and downs of those “non-fixed income” investment products. Such acts have been banned by the state.
The company’s security team has conducted a special clean-up of groups and accounts, and pledged to continue to combat fraud on the platform.