China's anti money-laundering law wasn't as strict as US's for sure, but that doesn't mean huge amount of cash flow from one or many accounts to another wouldn't draw red flags.
US banking system works that anyone can use the card even if they just found it on the street, and business owner can charge a card repeatedly for any amount even if the card owner is not present. The room for fraud is huge.
China's debit and credit card alike requires PIN code to send payment, where the owner would be required to confirm the number and enter the PIN code. And it has 2FA as a requirement for online banking, whether that's a text message received on a mobile phone, or a hardware 2FA. There is still room for fraud but a lot smaller.
To say US banks cares and Alipay, Wechat and Chinese banks don't care is kind of absurd. They exist in a almost entirely different financial ecosystem and norms. In the US, fraud protection is necessary otherwise no one would use their cards. While in China, fraud protection still needed, but rarely is the case. Those institutions only did what's necessary.
US banking system works that anyone can use the card even if they just found it on the street, and business owner can charge a card repeatedly for any amount even if the card owner is not present. The room for fraud is huge.
China's debit and credit card alike requires PIN code to send payment, where the owner would be required to confirm the number and enter the PIN code. And it has 2FA as a requirement for online banking, whether that's a text message received on a mobile phone, or a hardware 2FA. There is still room for fraud but a lot smaller.
To say US banks cares and Alipay, Wechat and Chinese banks don't care is kind of absurd. They exist in a almost entirely different financial ecosystem and norms. In the US, fraud protection is necessary otherwise no one would use their cards. While in China, fraud protection still needed, but rarely is the case. Those institutions only did what's necessary.