China’s biggest third party online payment platform, Alipay, established China’s first internet payment security alliance, which aims to enhance the level of security in online payment transactions. Over 30 e-commerce merchants, such as Meituan, Dianping, Coo8 etc, joined the pioneer batch for the alliance.
As the e-commerce market grew rapidly over the past few years, the need for a safe payment platform is evidently strong, especially when there are so many online transactions made each year. According to the report, ninety percent of the e-tailers are not equipped with an effective security monitoring system, and as such, data and privacy can be a liability. Everyone likes shopping online, but not when the safety of your private data is being compromised.
The alliance plans to open up security technology to assist online merchants to fight Trojans and prevent any hacks or leaks of data. According to Donews, Alipay’s (unofficial) alliance caught and destroyed over 133,000 phishing sites in the first half of 2012. This figure made up 39 percent of the entire phishing community.
Alipay will also introduce a new payment security standard, which will work against trojan viruses, phishing site links, potential hacking or leaking of users’ data and intervention of payment credit. Regarding the efficacy of the new measures, Alipay claims that capital losses may be reduced by approximately ninety percent.
There are so many hacking incidents in the e-commerce industry. It is good to see somebody taking the lead to do something against the online criminals and also to create a safer online shopping environment for the consumers. Lets hope it makes a difference.
[Source: Donews]
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