Securing China’s e-commerce growth

%3CP%20align%3Dcenter%3E%3CFONT%20face%3DVerdana%3E%3CIMG%20border%3D0%20src%3D%22/new_maoyi_en/cn/admin/news/NewsFile/1874/2012112115039821.jpg%22%20width%3D500%3E%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EBetween%20June%202011%20and%202012%2C%20China%27s%20Internet%20population%20reached%20538%20million%2C%20of%20which%20some%20194%20million%20had%20shopped%20online.%20Online%20retail%20sales%20in%20China%20have%20soared%20in%20recent%20years%20and%20are%20expected%20to%20hit%20%24360%20billion%20by%202015%20-%20up%20from%20about%20%24121%20billion%20in%202011%20-%20according%20to%20The%20Boston%20Consulting%20Group.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EImpressive%20as%20the%20numbers%20are%2C%20there%27s%20another%20set%20of%20statistics%20that%27s%20even%20more%20striking%3A%20Nearly%20one-third%20of%20the%20online%20shoppers%20in%20China%20fell%20prey%20to%20fraudulent%20websites%20during%20that%20period%2C%20costing%20them%20%244.7%20billion%2C%20according%20to%20the%20China%20Electronic%20Commerce%20Association.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20tricks%20deceptive%20online%20sellers%20use%20to%20swindle%20unsuspecting%20customers%20are%20many.%20But%20cyber-crime%20spans%20many%20more%20fraudulent%20activities%20than%20just%20deceptive%20sellers.%20Without%20safeguards%20against%20the%20peddling%20of%20counterfeit%20goods%2C%20bogus%20websites%2C%20stolen%20payment%20card%20data%20and%20other%20tricks%20of%20the%20trade%2C%20cyber-crime%20can%20erode%20consumer%20confidence%20and%20stifle%20legitimate%20online%20business.%20The%20good%20news%20is%20that%20both%20the%20will%20and%20the%20means%20to%20deal%20with%20the%20problem%20exist.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20Ministry%20of%20Commerce%20recently%20announced%20it%20would%20introduce%20more%20specifications%20to%20better%20guide%20the%20development%20of%20e-commerce%20in%20the%20country.%20And%20the%20public%20and%20private%20sectors%20are%20exploring%20ways%20to%20further%20build%20trust%2C%20integrity%20and%20security%20in%20the%20burgeoning%20industry.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAt%20the%20World%20Economic%20Forum%20in%20Tianjin%2C%20a%20multi-stakeholder%20group%20called%20Partnership%20for%20Cyber%20Resilience%20Initiative%20shared%20its%20best%20practices%20on%20cyber%20risk%20and%20security%20with%20members%20of%20the%20government%20and%20business.%20In%20July%2C%20the%20Payment%20and%20Clearing%20Association%20of%20China%20hosted%20a%20symposium%20that%20was%20supported%20by%20the%20People%27s%20Bank%20of%20China%20and%20co-sponsored%20by%20Visa%20and%20China%20Union%20Pay%20on%20how%20to%20secure%20payment%20systems%2C%20with%20e-commerce%20featuring%20prominently.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAnother%20initiative%2C%20the%20China%20eCommerce%20Protection%20Task%20Force%2C%20is%20taking%20shape.%20Industry%20stakeholders%2C%20including%20banks%2C%20payment%20service%20providers%2C%20payment%20systems%20and%20brand%20owners%20will%20share%20information%20on%20emerging%20threats%20in%20intellectual%20property%20infringements%20and%20payment%20fraud.%20They%20will%20coordinate%20efforts%20between%20the%20owners%20of%20brands%2C%20whose%20products%20are%20being%20counterfeited%2C%20and%20the%20payments%20industry%20to%20mitigate%20illegal%20activities.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAs%20technology%20and%20the%20Internet%20broaden%20our%20reach%20into%20other%20markets%20and%20segments%20of%20society%2C%20they%20also%20broaden%20the%20opportunity%20for%20criminals%20to%20act.%20Cyber-criminals%20are%20becoming%20increasingly%20sophisticated%20and%20can%20launch%20an%20attack%20from%20anywhere.%20According%20to%20security%20firm%20Symantec%2C%2090%20percent%20of%20online%20breaches%20involve%20organized%20crime%20targeting%20corporate%20information.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EWhat%27s%20most%20worrying%20about%20online%20fraud%20is%20that%20it%20is%20becoming%20harder%20for%20merchants%20to%20detect%2C%20according%20to%20my%20colleague%2C%20Michael%20Bradley%2C%20who%20is%20the%20Asia-Pacific%20managing%20director%20of%20CyberSource.%20A%20Visa%20company%2C%20CyberSource%20is%20one%20of%20the%20world%27s%20largest%20providers%20of%20e-commerce%20payment%20management%20solutions%20with%20some%20of%20the%20best-in-class%20fraud%20management%20services%20for%20merchants.%20The%20CyberSource%202012%20Online%20Fraud%20Report%20indicates%20that%20about%2050%20percent%20of%20online%20merchants%20say%20that%20fraud%20today%20is%20%22cleaner%22%2C%20meaning%20that%20fraudulent%20orders%20look%20like%20valid%20orders.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20consequences%20of%20cyber-crime%20can%20be%20especially%20damaging%20for%20emerging%20e-commerce%20markets%2C%20where%20maintaining%20tr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