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 tips for on-line transactions even have been up to date to supply extra particulars on safeguarding in opposition to scams.

The E-commerce Market Transaction Security Rankings (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 shoppers. 

For example, e-commerce marketplaces can 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 can be rated in opposition to the usage of safe cost instruments for transactions in addition to the supply of dispute reporting and backbone mechanisms.

The knowledge served to alert customers on the security of transacting with these on-line websites, mentioned the Ministry of House Affairs and Singapore Requirements Council in a joint assertion Saturday. The rankings coated “main e-commerce marketplaces” that facilitated transactions between a number of sellers and consumers, with “vital” native attain or a major variety of reported e-commerce scams. 

The bottom ranking clocks at one tick, whereas the size ideas at 4 ticks. E-commerce marketplaces with all essential anti-scam measures in place have been awarded the best four-ticks ranking, in response to the ministry. 

TSR rankings 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 normal for e-commerce transactions even have been up to date to incorporate further tips for on-line retailers and marketplaces. 

The newest 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 assist, and service provider verification. 

E-marketplaces, for instance, ought to have a look at implementing pre-emptive safeguards in opposition to fraudulent retailers on their platforms, akin to activating early warning mechanisms when non-verified gadgets have been used to entry the account. Retailers deemed to be of fraud danger additionally must be blacklisted on {the marketplace}, limiting their actions on the platform or elevating the shopper’s consciousness of the dangers concerned.

“The [TR76] intent is to raised allow service provider authenticity, enhance transaction safety, and assist enforcement in opposition to e-commerce scams,” mentioned Ministry of House Affairs and Singapore Requirements Council, including that the extra tips have been a part of the security options rated within the TSR. “Typically, e-commerce marketplaces that undertake TR76 tips 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 grow to be 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 cost platforms. 

The Financial Authority of Singapore (MAS) in February mentioned 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’d be capable to recuperate their losses. This framework would function on the premise that each one events had tasks to be vigilant and take precautions in opposition to scams, MAS mentioned. 


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