Singapore launches safety rating scheme for e-commerce sites & More News Here

Singapore has launched a rating scheme that assesses e-commerce marketplaces primarily based on their anti-scam measures. Its technical tips for on-line transactions even have been up to date to supply extra particulars on safeguarding towards scams.

The E-commerce Marketplace Transaction Safety Ratings (TSR) aimed to guage the extent to which these platforms had applied anti-scam measures that ensured, amongst others, person authenticity, transaction safety, and availability of loss remediation channels for customers. 

For occasion, e-commerce marketplaces could be assessed on whether or not they had measures in place to confirm sellers’ id and have been constantly monitoring for fraudulent vendor behaviour. The platforms additionally could be rated towards using safe cost instruments for transactions in addition to the supply of dispute reporting and backbone mechanisms.

The data served to alert customers on the safety of transacting with these on-line sites, mentioned the Ministry of Home Affairs and Singapore Standards Council in a joint assertion Saturday. The rankings coated “major e-commerce marketplaces” that facilitated transactions between a number of sellers and consumers, with “significant” native attain or a major variety of reported e-commerce scams. 

The lowest rating clocks at one tick, whereas the dimensions ideas at 4 ticks. E-commerce marketplaces with all essential anti-scam measures in place have been awarded the very best four-ticks rating, in keeping with the ministry. 

TSR rankings are reviewed yearly.  The present record has given Facebook Marketplace the bottom rating of 1 tick, whereas Carousell has two ticks, Shopee has three, and Qoo10 has 4 ticks alongside Amazon and Lazada.

To additional improve anti-scam safety, the nationwide customary for e-commerce transactions even have been up to date to incorporate extra tips for on-line retailers and marketplaces. 

The newest Technical Reference 76, which was first launched in June 2020, encompassed finest practices to safe completely different areas of on-line transactions, spanning pre-, during- and post-purchase actions, buyer help, and service provider verification. 

E-marketplaces, for instance, ought to have a look at implementing pre-emptive safeguards towards fraudulent retailers on their platforms, similar to activating early warning mechanisms when non-verified units have been used to entry the account. Merchants deemed to be of fraud danger additionally needs to be blacklisted on {the marketplace}, proscribing their actions on the platform or elevating the client’s consciousness of the dangers concerned.

“The [TR76] intent is to better enable merchant authenticity, improve transaction security, and aid enforcement against e-commerce scams,” mentioned Ministry of Home Affairs and Singapore Standards Council, including that the extra tips have been a part of the safety options rated within the TSR. “Generally, e-commerce marketplaces that adopt TR76 guidelines would score better on the TSR.”

Singapore within the final couple of years has intensified its efforts in enhancing underlying infrastructures that it believes will pave the best way for the nation to change into a worldwide and regional e-commerce hub. The nation’s “five-pronged” technique to take action contains constructing out the native 5G networks, provide chain capabilities, and cost platforms. 

The Monetary Authority of Singapore (MAS) in February mentioned it was engaged on a legal responsibility framework that detailed how losses from on-line scams could be shared amongst key events within the ecosystem, stressing that victims of such scams shouldn’t assume they might be capable of recuperate their losses. This framework would function on the idea that every one events had duties to be vigilant and take precautions towards scams, MAS mentioned. 

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