Cutting-edge tech helps combat internet fraud

Visitors at the booth of Tencent Holdings Ltd during an expo in Wuhan, capital of Central China’s Hubei province. [Photo provided to China Daily]

Cutting-edge technologies such as big data and artificial intelligence are being used increasingly to combat internet fraud as new cases of telecommunication and online fraud are imperiling the safety of personal information and social stability, a new report said.

Chinese consumers have actively used online shopping and innovative online payment services during the COVID-19 pandemic this year, but many have also been defrauded while making online transactions, said a report released by Chinese internet giant Tencent Holdings Ltd on Tuesday. Young consumers aged between 20 and 29 topped all other groups in encountering telecom and online fraud.

The report said that new cybercrimes are developing features of industrialization and intelligence, and have formed a dark internet industrial chain. The most common fraudulent messages included those on online trading platforms, fake job positions offering high salaries, internet dating and social networking websites.

To prevent and crackdown on online fraud, Tenpay, the payment affiliate of Tencent, has launched an intelligent risk control system based on the large amounts of transaction models and data, which can realize the perception and management of transaction risks in the whole process. The analysis results will be directly sent to users through WeChat Pay.

Users will also receive a message that reminds them about the potential risks of online trading, so as to further protect their financial resources.

So far, the company has cracked down on more than 2 million illegal accounts and assisted local police to arrest over 7,600 suspects. The amount of money involved has surpassed 34.5 billion yuan ($5.3 billion).

The report also said that cybersecurity is not related to the internet alone, but involves personal safety and even social stability. It warned the public to remain vigilant about internet security risks, including telecom scams, fraud messages and malicious websites.

Hai Wen, a cybersecurity expert from Tencent, called for deeper cooperation…