Security product aims to allay fraud fears with in-depth identification

Internet solution provider iTradeSecure has launched a security product that enables business-to-business e-commerce by providing methods to resolve problems of fraud and offering clients payment assurance of up to US$100,000.

Alan Chan, co-founder of iTradeSecure, said companies were facing many challenges to the development of e-commerce internationally.

The new product, known as eBizID, aimed to resolve problems of fraud, authentication, non-repudiation and payment assurance, he said.

The client is offered a 10-digit identification system, which aims to provide companies with electronic credentials and solutions that will enable transactions on line.

The security system will also give instant information on a company, as well as verification right down to the position and the amount individual employees are authorised to trade on behalf of their company.

Co-founder Clement Lee said the company also offered a global credit protection facility providing all clients with payment assurance of up to US$100,000 or 90 per cent of the amount transacted in the event of a payment default by the buying party. The credit risk insurance scheme is backed by insurance company Coface Group.

Mr Lee, also chief operating officer of iTradeSecure, said that before an applicant could be issued with an eBizID, the company was subjected to a comprehensive due diligence check through iTradeSecure.