China's biggest web companies partner to fight online fraud

Twenty-one Chinese Internet companies including Alibaba Group, Tencent Holdings and Baidu have teamed up on a plan to fight online fraud, including counterfeit goods sales and sites that accept payment but never deliver the merchandise. The move comes as e-commerce companies and the Chinese government struggle to keep up with the fast-rising tide of online shopping that brought with it fraud that cost consumers about $5 billion last year, according to one estimate.

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