BOC launches 'secure' cybermall for shoppers

The Bank of China (BOC) has launched a cybermall which boasts superior security technology to protect shoppers' credit-card numbers.

The 'BOC Group In Town' Internet shopping mall uses an SET (Secure Electronic Transaction) service run by BOC.

This lets BOC verify credit-card numbers and the customer's identity on behalf of its merchants.

The customer's financial data also need not be disclosed to the merchant, unlike a more popular security technology called SSL.

BOC then takes a cut of 2-3 per cent from each purchase as a handling fee.

So far BOC's mall only has six shops from which consumers, who must possess a BOC credit card, can buy goods.

BOC said a total of 20 shops would be on-line soon.