Alipay Responds to CCTV Report on Online Fraud

Sina Tech, 11/24/08

Third-party payment company Alipay released an official statement today in response to reports on yesterday's CCTV evening news program that fraudulent online purchases could be used to receive interest-free cash advances and short-term loans through Alipay, making banks' risk control efforts more difficult. Alipay said it believes that cooperation with banks is a major responsibility for any online payment processor, adding that it would work in the future to proactively prevent the practice from occurring.

Editor's Note: Many Chinese banks have recently introduced restrictions on using credit cards due to the proliferation of fraudulent transactions to receive interest free cash advances and loans using credit cards via third-party payment platform. For more background on this topic, please see "Citic Imposes Limits on Alipay Payments", MD 11/04/08 issue for more information.

Keywords: Alipay CCTV Internet online payment third-party payment credit card e-commerce scam

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