Visa Inc.'s CyberSource has joined the Anti-Information Fraud Society in China, which was established to create a safer online payment market.
By participating in the country's anti-online fraud union, CyberSource will share fraud management knowledge with Chinese companies to minimize e-commerce fraud. China's e-commerce market is forecast to grow from $390 billion last year to $718 billion in 2017, according to the consulting firm A.T. Kearney.
The AIFS works with law enforcement agencies to manage online fraud, cybersecurity of mobile payments, and malware programs in China. More than 100 companies and organizations are members of the AIFS. The anti-fraud union said in a March 13 press release that it has prevented $43.4 million in online fraud and blocked 5,100 suspicious phone numbers and 1,390 unsafe websites.
"Chinese consumers are becoming more sophisticated, so an online community which safeguards personal information is fundamental to driving and sustaining e-commerce," Thomas Chen, deputy general manager of the mobile internet market department at AIFS co-founder Tencent, said in the release.