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CyberSource joins AIFS to better secure China’s e-commerce market

Nurdianah Md Nur | March 13, 2015
The company believes that collaboration among organisations while being supported by an established infrastructure will be crucial in improving the security of China’s online payment environment.

With the belief that information sharing is crucial for improved security, CyberSource - a Visa company that provides e-commerce payment management services -- has joined China's Anti-Information Fraud Society (AIFS).

AIFS is China's first anti-online fraud union co-founded by Tencent Inc. and law enforcement agencies in China.  By joining AIFS, CyberSource will be able to share its expertise to create better awareness in the e-commerce market on fraud management and related topics, as well as potential solutions. It will also collaborate with other AIFS members to build a safe online payment environment.

According to AT Kearney's recent research, China's e-commerce market is expected to grow from US$390 billion in 2014 to US$718 billion in 2017. Since the e-commerce boom would mean that more consumers' personal information is now available online, there is a need for an online community that safeguards such sensitive information, said Thomas P. Chen, deputy general manager of the mobile internet market department at Tencent.

He added, "Building a credible network to share knowledge and best practices helps enhance the industry's focus on promoting a secure environment for e-commerce users. Hence, we see the need to equip all relevant parties with the necessary Internet security knowledge pertinent to our cause."

"We are honored to be a part of the AIFS to share our fraud management expertise, and help to continue to build trust in online payments," said Poon Khye Wei, regional director for Greater China and Korea, of CyberSource.  "It is crucial that key stakeholders in China collaborate by exchanging knowledge, expertise and experience, while being supported by an established infrastructure."

Founded in 2013, AIFS currently has nearly 100 members, consisting of security firms, dot-coms, banks, media companies and industry regulators. The union works with China's law enforcement agencies to manage online fraud, cybersecurity of mobile payments, as well as malware programmes in the country.

 

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