Chinese Internet companies have collaborated to fight online fraud.
Alibaba, Tencent, Baidu and 18 others have created an e-commerce protection framework with the guidance of China’s Ministry of Public Security.
“We hope to work together to create a safer environment for online transactions,” said Baidu.
For Alibaba, this is not the first time that it combats online fraud. It says it has 2000 staff who monitors security of online transactions.
Online fraud has proliferated in China’s e-commerce market. Some of the fraud common in China are selling knock-off products, fake ads and accepting payments but not delivering the products.
According to China Electric Commerce Association, an amount of 30 billion yuan (US$5 billion) has been defrauded from Chinese online shoppers in the year to June.
China’s e-commerce market is continuously growing with sales expected to increase to US$356.1 billion in 2016 from US$169.4 billion last year, says Forrester Research.