Ctrip loop­hole

China Daily (Canada) - - COMMENT -

Over the weekend, Ctrip.com, one of China’s leading travel sites, fixed a loop­hole in its web­site that could lead to leaks of users’ iden­ti­fi­ca­tion num­ber and other de­tailed pay­ment in­for­ma­tion such as bank ac­count num­bers.

The loop­hole has ex­posed the big risks of on­line pay­ments at a time when the cen­tral bank is strength­en­ing its mon­i­tor­ing of In­ter­net fi­nanc­ing. It is nec­es­sary for the au­thor­i­ties to take ac­tion. The four ma­jor Sta­te­owned banks cut their daily lim­its for fast pay­ments for debit cards on third-party pay­ment sys­tems to 5,000 yuan ($806) from the pre­vi­ous 50,000 yuan last weekend, in or­der to pro­tect per­sonal in­for­ma­tion and ac­count se­cu­rity.

How­ever, the au­thor­i­ties should only aim at reg­u­lat­ing the emerg­ing In­ter­net fi­nance in­dus­try rather than deal­ing a death blow to the new­born sec­tor. Many have at­trib­uted the sus­pen­sion of the use of vir­tual credit cards and QR-code pay­ments to the “re­venge” of tra­di­tional banks, since they are los­ing mar­ket share.

Hence the au­thor­i­ties should strengthen mon­i­tor­ing on In­ter­net fi­nanc­ing to pro­tect users, while re­spect­ing their rights to choose the fi­nanc­ing prod­ucts.

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