CRBC Warns Banks of Online Third-Party Payment Risks

China Computer World, 4/09/07

In late March, the China Banking Regulatory Commission (CBRC) issued the "Warning about Risks in 'Alipay' and Other Online Payment Services" to major banks, recommending that online credit card payment services implement "payment limitation systems" and "terminate service partnerships with online third-party payment organizations in the event of major emergent security risks in online payment services." The CBRC listed five risks inherent in online payment services in the letter: trust issues with third-party organizations, identity or financial theft by hackers, illegal credit card cash withdrawals, and money-laundering and other financial and legal risks.

Keywords: Alipay China Banking Regulatory Commission Internet online payment third-party payment e-payment

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