Anti-fraud unit foils US$43m losses
Print Edition
THE anti-online fraud alliance, which was founded by Tencent Inc and law enforcement agencies a year ago, now has more than 100 companies and organizations as members.
The alliance deals with online fraud and malware programs in China which has more than 600 million Internet users.
With a huge majority of Chinese shopping and paying online, a lot of accounts and personal information are available online making it easy for hackers. The recent hacking of 12306 railway website on Thursday is a case in point.
The China Information Security Alliance said it has helped prevent a loss of 265 million yuan (US$43.4 million) from online frauds since it was founded a year ago. It also informed carriers to block 5,100 phone numbers and 1,390 websites.
“It has become an illegal industry chain for online frauds in China,” said Xue Kexun, an information security official with Shenzhen Public Security Bureau.
To fight the online crime, industry alliances are important to protect people’s rights, experts said. The alliance now has more than 100 members including security firms, dot-coms for social and online shopping, banks, media and industry regulators. Its members include Shenzhen Public Security Bureau, Kingsoft, Tencent, JD.com and the Bank of China. The alliance will upgrade system and database on Wi-Fi, mobile payment and anti-fraud sectors. It will cooperate with the police and banks, Luo Daofeng, Tencent’s vice president, said.
China has increased its focus on Internet security in the wake of the Edward Snowden revelation. Cyber security also extends to Internet finance, including the security of mobile payments. That creates a huge market for the industry chain of telecommunications carriers, smartphone vendors, telecom equipment makers, security firms and “white hat” hackers who help companies detect and deter system loopholes.
Globally, revenue from the information security is forecast to reach US$89.5 billion in 2016, compared to US$67.2 billion in 2013. A survey found more than 70 percent of chief information officers plan to increase their investment in information security in China. The domestic market investment in digital security is expected to hit 10 billion yuan next year, said Gartner, a US-based IT research firm.
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