Internet giants boost online payment security measures

By Ding Yining | May 23, 2014, Friday |

Online Edition

Internet giants are stepping up online payment security measures as they try to get a foothold in the mobile payment sector.

Tencent said it has joined hands with Shanghai Pudong Development Bank to leverage each other's expertise and capabilities to ensure payment security, according to a joint statement.

Tencent vice president Ding Ke said it will invest 500 million yuan in the next few years to build Internet security research facilities as well as raise users' security awareness and crack down on online payment fraud.

The mobile payment market more than doubled in the first quarter this year to 1.63 trillion yuan (US$261 billion) from the three month earlier period, according to Internet consultancy Analysys International.

Baidu and Zhong An Insurance earlier this year combined forces to offer financial compensation to smartphone users who encountered fraud on the Internet.

Baidu said its smartphone security software detected more than 120,000 mobile-based virus and fraudulent links in the financial sector in the first quarter this year.

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Internet giants boost online payment security measures

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