China's 99Bill Corporation Selects CyberSource's Fraud Management Solutions to Expand Cross-Border Payment Services
SINGAPORE/CHINA —21 March 2012—
CyberSource today announced that 99Bill has chosen CyberSource's fraud-management solution to enable expansion of cross-border payment services. CyberSource, a Visa company (NYSE Code: V), is one of the world's largest providers of secure eCommerce payment management services. The installation of its fraud-management solution marks the beginning of a formal cooperation between the two companies to help Chinese merchants expand their eCommerce business.
99Bill was one of the first payment service providers to be granted a 'Payment Services License' by the People's Bank of China. As of 2011, 99Bill had 1.3 million merchant partners, among which the company has built a reputation for its efficient and professional e-payment solutions and high level of security. In addition to operating in compliance with the internationally recognized Payment Card Industry Data Security Standard (PCI DSS), 99Bill has also received awards from the China Information Security Testing Evaluation and Certification Center for the quality of its anti-fraud technology and systems.
While China's Ministry of Industry and Information Technology predicts the country's electronic payments to triple during its 12th Five-Year Plan which runs to 2015, the management of online fraud continues to be a significant and growing cost for merchants. According to the CyberSource 13th annual Online Fraud survey1, published 24 January 2012, online merchants in the U.S. and Canada are making gains against fraud but the battle continues. The fraud rate by order (the percentage of orders that turned out to be fraudulent) dropped from 0.9 percent in 2010 to 0.6 percent in 2011—the lowest in the 13-year history of the survey. But the cost of combatting fraud continues to grow. These merchants reported that dollar losses were up, manual review continued to climb, and fraud is becoming more difficult to detect. On average, North American merchants reported losing an average of 1 percent of their total online revenue to fraud. Fraud risk on cross-border transactions was reported to be higher than that of domestic orders — the international fraud rate by order was 2 percent, about three times higher than the fraud rate by order for North American domestic orders (0.6 percent). As eCommerce sales continue to grow and online fraud patterns become increasingly dynamic, online merchants report using an increasing number of tools to detect fraud. On average merchants use 4.9 fraud detection tools, and larger merchants with higher order volumes use an average of eight tools — both of these utilization rates are up over the prior year.
In tandem with this development — and in addition to the other tools already at its disposal — 99Bill has added CyberSource Decision Manager to its risk management armory.
Oliver Kwan, CEO of 99Bill said: "As China's leading provider of e-payment services, 99Bill always puts the interests of our customers first and we are committed to providing them with efficient, professional, safe and secure electronic payment solutions. This is especially true in China with the increased popularity of eCommerce and significant growth in cross-border transactions, which have made fraud management one of the most important considerations for our customers. In order to enhance the security of our current system, we have adopted CyberSource's Decision Manager and related fraud-management solutions. This will further empower us to fight against online fraud in a more timely and accurate manner, with a view to minimizing concerns over transaction integrity and taking full advantage of the eCommerce growth opportunity available to 99Bill and our merchant partners."
Khye Wei Poon, Head of Greater China at CyberSource, said: "We are very excited that 99Bill has selected our market-proven fraud management solutions to support their business expansion. The increase in access to broadband, continued growth in popularity of online shopping, rapidly expanding middle class and the rise of mobile shopping all point to sharp growth eCommerce sales." eCommerice is predicted to grow at an annual rate of 19.4 percent, resulting in global eCommerce sales of US$963 billion by 20132.
"To capture this immense business opportunity, the fight against online fraud, which is regarded by merchants as one of the key threats to eCommerce, has become a top priority. As fraudsters are getting more sophisticated and making online fraud harder to detect, the ability to detect fraud more accurately and efficiently enables merchants to convert honest sales without sacrificing customers' experience," said Poon. "We are confident that CyberSource Decision Manager, which includes the world's largest fraud detection radar—from the over 60 billion global transactions processed by Visa and CyberSource annually, as well as popular detectors such as device fingerprinting—is the right solution for 99Bill to proactively protect their merchant partners' profits as 99Bill expands their business beyond the China market."
Headquartered in the United States, CyberSource maintains offices around the world and has a strong presence in Asia, including China. Therefore, besides CyberSource's industry leading fraud management solution, 99Bill will also enjoy world-class support provided by a dedicated team of CyberSource professionals based in China.
For more information on CyberSource products visit www.cybersource.com/asiapacific.
About CyberSource
CyberSource Corporation, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 350,000 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 San Francisco and maintains offices throughout the world, with regional headquarters in Singapore (Asia Pacific); Tokyo (Japan), Miami/Sao Paulo (Latin America and the Caribbean), and Reading, U.K. (Europe/Middle East/Africa).
CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit www.cybersource.com/asiapacific.
About 99Bill
99Bill Corporation (www.99bill.com) is the leading electronic payment service provider in China, offering a comprehensive suite of safe and convenient electronic payment solutions to all kinds of enterprises. The company was awarded central bank's first batch of e-payment licenses and takes the role of executive director of China Payment and Settlement Association.
With the widest range of product categories and user groups, 99Bill makes electronic payment available by various bank cards. Its services support a variety of terminals, including Internet, mobile phone and POS, which could meet different demands from all enterprises and individuals. By the end of November 2011, 99Bill has signed up a total of 1,300,000 merchant partners. 99Bill's system has been awarded a certificate for its first-class secure payment services by China Information Security Testing Evaluation and Certification Center, and is compliant with the internationally recognized Payment Card Industry Data Security Standard (PCI DSS).
1 "2012 Online Fraud Report," commissioned by CyberSource and executed by Mindwave Research of Austin, Texas. The survey was conducted 13 September through 12 October 2011, and yielded responses from companies representing a total of $83.8 billion in online sales—24 percent of the total estimated online market for 2011 (325 qualified and complete responses).
2 "Nothing But Net: 2011 Internet Investment Guide," published by JP Morgan on 3 January, 2011.
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