Nearly 1 in 3 Chinese online shoppers are victims of fraud as annual losses add up to $4.7bn

By Josh Ong, The nextweb.com:

Companies like Taobao are doing their part to legitimize ecommerce in China, but the industry remains something of a wild frontier. Chinese consumers lost $4.7 billion (RMB 30 billion) to fraud from June 2011 to June 2012, a new report claims.

The China Electronic Commerce Association has found that 32 percent of the estimated 194 million ecommerce-savvy Chinese Internet users purchased from fraudulent websites during the period, as reported by Xinhua (translation). A conservative estimate put losses at RMB 30.8 billion… Read more

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