Alipay.com, the Chinese third-party Internet payment platform and a subsidiary of the B2B e-commerce group Alibaba, has launched a joint security and risk control program with major Chinese banks.
Starting from last month, if the identity information of the person who orders goods via the Internet is not the same as that of the one who pays, the transaction will not be fulfilled.
With the help of an enhanced source identification system, the new security measure involves checking of the identification of users who open the payment pages on the website. Once the user who opens the payment pages is found to not be the person who actually pays, the payment services will be stopped. This new campaign of Alipay.com is mainly to fight phishing websites.
So far, some Chinese banks, including China Merchants Bank and China Construction Bank, have adopted this new system and the incidence of related security cases was reportedly reduced by 98%. More Chinese banks are expected to reach similar cooperation with Alipay.com to cover more Alipay and Internet bank users in China.