By Star Chang, posted Jul 11, 2012 at 1:54 AM, 152 views, Chinese Online Shoppers Losing US$46 Billion Through Fraud
Well, look like Chinese web user are more easy to get into con trick. More than 60 million Chinese internet users have been victims of online fraud as of the end of June 2012. According to a most recent report on internet business security, Chinese web users were lured into online shopping pitfalls in the past year, losing more than an estimated 300 billion yuan (US$46 billion). One typical method by fraudsters offered particularly low prices to lure unwary buyers. This year?s new threat to online shopping was using phishing attacks which target at Chinese e-commerce and banking web sites, with a majority of the domain names created by local cyber-criminals eyeing local brands and enterprises ?
The majority of Chinese phishing appears to be perpetrated by Chinese criminals attacking Chinese companies. The majority of attacks had their eye on Taobao.com. According to the report from the Anti-Phishing Working Group, in the second half of 2011, the Chinese e-commerce site surpassed PayPal to become the world?s most frequently phished brand target. There were 18,508 phishing attacks against Taobao.com, which represents 22 percent of all the phishing attacks recorded worldwide.
The concern is that the rapidly increasing cases of online fraud have happened at a time when more local and foreign companies are planning to set up their own online stores in the fast growing Chinese market, including several international luxury brands. As more and more companies and Chinese consumers prefer to use the internet as a trading platform, how to ensure web security is a vitally important issue now for the Chinese government to be address.
SOURCE: people.com.cn (Chinese translated)
More coverage: Phishing activities targeting Chinese sites on rise
Source: http://micgadget.com/28053/chinese-online-shoppers-losing-us46-billion-through-fraud/
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