Baidu (BIDU), Alibaba, Others Team-Up to Fight Chinese e-Commerce Fraud
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Baidu (Nasdaq: BIDU), Tencent, and Alibaba Group are among a group of 21 of China's largest Internet companies teaming up to fight the good fight against online fraud.
Along with guidance from China's Ministry of Public Security, the group has established framework to offer more e-commerce protection for consumers.
About 30 billion yuan was defrauded from Chinese consumers for the 12-months leading up to June 2012, the most recent data available. For 2016, total online sales in China are expected to reach $356.1 billion, from $169.4 billion in 2012, according to Forrester Research data. That compares to expected U.S. growth from $226 billion last year to $327 billion in 2016.
Alibaba might be looking to clean up its image as it preps for a public offering of its stock. The company says it now has 2,000 employees dedicated to monitoring the online safety of e-commerce transactions.
Shares of Baidu are up 1.6 percent.
Along with guidance from China's Ministry of Public Security, the group has established framework to offer more e-commerce protection for consumers.
About 30 billion yuan was defrauded from Chinese consumers for the 12-months leading up to June 2012, the most recent data available. For 2016, total online sales in China are expected to reach $356.1 billion, from $169.4 billion in 2012, according to Forrester Research data. That compares to expected U.S. growth from $226 billion last year to $327 billion in 2016.
Alibaba might be looking to clean up its image as it preps for a public offering of its stock. The company says it now has 2,000 employees dedicated to monitoring the online safety of e-commerce transactions.
Shares of Baidu are up 1.6 percent.
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