In 2009, the Chinese online payment market is expected to increase by 128 percent as compared to 2008 and reach USD 78.7 billion (CNY 538 billion), while by 2012, estimates indicate that the market will rise to USD 244 billion (CNY 1.67 trillion). With such volumes predicted for the coming years, Chinese merchants can expect card-not-present fraud to increase dramatically.
Data has been released by Retail Decisions in conjunction with Chinabank Payment, a payment service provider and a prepaid card issuer. According to a recent poll of travel organisations conducted by US provider of internet fraud intervention and detection services 41st Parameter, more rules and sophisticated fraud detection tools have become essential to travel services industry’s success.
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