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Beijing – 3 September 2013 – CyberSource, a Visa company (NYSE: V), and one of the world’s largest providers of eCommerce payment management services, has announced that DHgate will be using CyberSource Decision Manager to improve its fraud management capabilities for online transactions.
DHgate, a leading B2B online trading marketplace for Chinese wholesale products, brings together one million domestic suppliers and connects them with four million buyers online globally. The implementation of CyberSource’s fraud mangement solution will enable DHgate to introduce a more robust fraud detection system for its online transactions and minimize fraud as the company expands its operations globally.
The volume of China’s eCommerce transactions is expected to reach US$8.15 trillion (RMB 47.8 trillion) by 2020, almost six times higher than in 20121. Seventy percent of these transactions have been projected to come from the B2B sector2. This can be partially attributed to the Chinese government’s efforts to build eCommerce trade3, with one of the key objectives of China’s 12th Five-Year Plan being to double the country’s eCommerce transactions by 20154. With this growth, the capabilities of eCommerce players to streamline fraud management and scale efficiently as the business expands will play a pivotal role.
“We currently serve buyers from more than 224 countries and regions, and are working hard to expand our global footprint in this growing marketplace. Complementing our existing system, CyberSource will now enable us to scale up our fraud detection coverage for cross-border transactions, while speeding up the payment process,” said Qian Zhihua, Chief Technology Officer, DHgate.com.
“Leading eCommerce companies partner with CyberSource to improve their ability to detect fraud more accurately, thereby protecting online transactions more effectively. We are glad that our partnership with DHgate helps it to enhance and optimize its fraud management capabilities as it pursues its international expansion strategy,” said Poon Khye Wei, Regional Director, Greater China and Korea, CyberSource.
CyberSource’s Decision Manager features the world’s largest fraud detection radar, assisting DHgate in pinpointing fraud faster, more accurately, and with less manual intervention, by including analysis of orders with more than 60 billion transactions that Visa and CyberSource process annually. Data insights are derived from transactions across multiple payment types and from merchants worldwide, spanning online, call center, mobile and POS sales channels. The transaction data is supplemented by 260 validation and correlation tests. This solution effectively expands the depth and breadth of visibility in transaction patterns.
1 Global Times, E-commerce boom on the way: Alibaba, May 9, 2013
2 Global Times, E-commerce boom on the way: Alibaba, May 9, 2013
3 China Daily, Web 'answer to export woes’, August 6, 2013
4 ZDNet Asia, China’s online B2B transactions hit $466.7B, August 2, 2012
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 400,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Foster City, CA and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami / Sao Paulo and Reading, U.K. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit http://www.cybersource.com/asiapacific.
DHgate.com is the first online platform in China to bring small and medium-sized domestic suppliers and effectively connect them online with small and medium-sized foreign buyers. As an innovator in B2B e-commerce and international trade, DHgate.com fully understands the intricacies of international trade and combines modern e-commerce with traditional international trade, safe and reliable cash flow, fast and convenient logistics services. DHgate.com is also one of the third-party e-commerce platforms authorized by the Ministry of Commerce of the People’s Republic of China. DHgate.com has over 1 million domestic suppliers online with 25 million types of products and over 4 million buyers from 224 countries and regions.