CHINA / National |
Central bank to minimize online payment fraud(Xinhua)Updated: 2006-12-17 16:40 BEIJING - China's central bank is considering measures to monitor online payments in a bid to prevent fraud. People's Bank of China vice governor Su Ning said the bank had noted that a growing number of e-commerce sites were offering online payment options as more people turn to the Internet for their shopping and vowed to ensure the payment process was secure. The current online payment system leaves purchasers vulnerable to online fraud, said Su. People's private and financial information can be easily revealed and misused, he added. China's e-commerce has boomed in recent years. Around 600 billion yuan (about 74.5 billion U.S. dollars) of transactions had been conducted online by the end of 2005.
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