Eighteen Chinese Internet companies have banned together with China’s Ministry of Public Security to fight online fraud, The Wall Street Journal reports. Some of the more notable participants include popular online portal Tencent, eCommerce giant Alibaba and search engine company Baidu.
The agreement marks a rare moment of cooperation between Chinese Internet companies and the government, but one that aims to tackle a growing problem. Chinese online shoppers have lost more than $5 billion due to fraud over the last year.
So far, the companies have established an eCommerce protection framework for shoppers.
Read the full report here.
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