Mortgages drove new loan growth of between 64 and 82 per cent, respectively, at China's four largest commercial banks in 2016, according to online news service Caixin. The Chinese government's efforts to cool a "frothy" housing market have included higher down-payment requirements and mortgage rates, greater scrutiny of purchases by divorcees, and toughened eligibility requirements for non-residents. Most recently, the banking regulator ordered banks to conduct internal reviews to assess risks, including those associated with mortgages. The effect of the latest round of regulations may be to merely move demand to less well scrutinised "second tier" cities. Visa is to bring all its contactless transactions online this year across ten European countries to give consumers "more control over their accounts" following calls from the UK's Financial Conduct Authority for banks to tighten their processes for handling stolen contactless card reports, according to NFC World. These include removing the dependency on customers to identify fraudulent transactions, improving customer communications at the time of cancellation and providing clarity to customers on the clearing times for contactless payments. American Express is also "reviewing options" to ensure those who cancel their cards are protected against contactless fraud.