‘Ghost bank’ spooks Chinese savers

GBusters cc

OK. So you go to the 1st Bank of Bankertown or whatever. You deposit a check. Take a little cash out. But you wake the next day to find – surprise – the 1st Bank of Bankertown isn’t actually a bank at all. Granted some would argue that banks aren’t really “banks” at all anyway in the Fed system. But you get the point.

(From The Financial Times)

China is known for its knock-offs: from clothes and toys to DVDs and counterfeit banknotes. Now a fake branch of China Construction Bank in Shandong province has joined the ranks of a “flagship” Apple store and a home-made branch of Ikea.

One of the world’s largest banks became the latest victim of an elaborate fake after a local man set up a branch of its bank complete with card readers, passbooks and three teenage girls at the teller counter.

Click here for the article.