Singapore launches security ranking scheme for e-commerce websites

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

The E-commerce Market Transaction Security Scores (TSR) aimed to judge the extent to which these platforms had carried out anti-scam measures that ensured, amongst others, person authenticity, transaction security, and availability of loss remediation channels for customers. 

As an illustration, e-commerce marketplaces can be assessed on whether or not they had measures in place to confirm sellers’ identification and had been constantly monitoring for fraudulent vendor behaviour. The platforms additionally can be rated towards using safe fee instruments for transactions in addition to the provision of dispute reporting and determination mechanisms.

The data served to alert customers on the protection of transacting with these on-line websites, stated the Ministry of Residence Affairs and Singapore Requirements Council in a joint assertion Saturday. The scores lined “main e-commerce marketplaces” that facilitated transactions between a number of sellers and patrons, with “vital” native attain or a major variety of reported e-commerce scams. 

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

TSR scores are reviewed yearly.  The present listing has given Fb Market the bottom ranking 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 commonplace for e-commerce transactions even have been up to date to incorporate extra pointers for on-line retailers and marketplaces. 

The most recent Technical Reference 76, which was first launched in June 2020, encompassed greatest practices to safe totally 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, akin to activating early warning mechanisms when non-verified gadgets had been used to entry the account. Retailers deemed to be of fraud danger additionally must 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 higher allow service provider authenticity, enhance transaction safety, and support enforcement towards e-commerce scams,” stated Ministry of Residence Affairs and Singapore Requirements Council, including that the extra pointers had been a part of the protection options rated within the TSR. “Usually, e-commerce marketplaces that undertake TR76 pointers would rating higher on the TSR.”

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

The Financial Authority of Singapore (MAS) in February stated it was engaged on a legal responsibility framework that detailed how losses from on-line scams can be shared amongst key events within the ecosystem, stressing that victims of such scams shouldn’t assume they might have the ability to get well their losses. This framework would function on the premise that each one events had tasks to be vigilant and take precautions towards scams, MAS stated. 


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