SINGAPORE, 17 March 2015 (Tue): CyberSource, a Visa Inc. company and one of the world’s largest providers of eCommerce payment management services, joins China’s Anti-Information Fraud Society (AIFS), the country’s first anti-online fraud union, co-founded by Tencent Inc. and law enforcement agencies in China. CyberSource will be able to share its expertise to create better awareness in the eCommerce market of fraud management and related topics, as well as potential solutions. This will be done in close collaboration with the other AIFS members in a collective effort to build a safer online payment environment.
China’s eCommerce market is expected to grow from US$390 billion in 2014 to US$718 billion in 2017. With eCommerce booming, online fraud is expected to grow as well.
“As online shopping in China becomes more prevalent, there is plenty of personal information available online now. Chinese consumers are becoming more sophisticated, so an online community which safeguards personal information is fundamental to driving and sustaining eCommerce,” said Thomas P. Chen, Deputy General Manager of the Mobile Internet Market Department, Tencent. “Building a credible network to share knowledge and best practices helps enhance the industry’s focus on promoting a secure environment for eCommerce users. Hence, we see the need to equip all relevant parties with the necessary Internet security knowledge pertinent to our cause. By leveraging CyberSource’s fraud management expertise in this alliance, we strongly believe we can elevate fraud management efforts more effectively across China to protect both consumers and merchants.”
Since it was founded in 2013, AIFS now counts nearly 100 companies and organizations as members, including security firms, dot-coms, banks, media companies and industry regulators. With more than 600 million Internet users in China, AIFS works closely with law enforcement agencies to manage online fraud, cybersecurity of mobile payments, as well as malware programs in the country. Since its establishment, AIFS has helped prevent a loss of US$43.4 million from online fraud. It has also advised telecommunications carriers to block 5,100 suspicious phone numbers and 1,390 unsafe websites.
“Efforts to address eCommerce fraud in any market are more effective when done collectively. As the world’s largest eCommerce market and with the increasingly global reach of its eCommerce players, it is crucial that key stakeholders in China collaborate by exchanging knowledge, expertise and experience, while being supported by an established infrastructure. We are honored to be a part of the Anti-Information Fraud Society to share our fraud management expertise, and help to continue to build trust in online payments,” said Poon Khye Wei, Regional Director, Greater China and Korea, CyberSource.