To better secure eCommerce transactions and protect online consumers, Singapore’s Inter-Ministry Committee on Scams (IMCS) this month launched its first annual Transaction Safety Ratings, which identifies and measures efforts by eCommerce platforms to create secure shopping environments.
Speaking to reporters earlier this month, Desmond Tan, chairman of IMCS and minister of state for the Ministry of Home Affairs & Ministry of Sustainability and the Environment, said that the new ratings system would inform consumers on the measures to look for when shopping online. “At the same time, we also give them the information about the existing eCommerce platforms, and what are the measures they have in place to secure the transactions online,” he added.
Among the six eCommerce players included in the inaugural Transaction Safety Ratings, Lazada received the highest possible score of four ticks. The rating indicates that the platform has successfully implemented all safety measures deemed critical by the IMCS, including measures to ensure user authenticity, secure transactions, loss remediation and the overall effectiveness of its anti-scam efforts.
“We are committed to continually improve platform governance efficiencies, work with local authorities to maintain best practices as well as provide proactive public education so that shoppers are aware of the pitfalls of online shopping,” said Andy Chua, senior vice president of Lazada’s intellectual property rights protection team.
Aside from achieving a full four-tick rating, Lazada was also selected as part of a multi-stakeholder Working Group overseen by Enterprise Singapore to revise the national standard for eCommerce transactions. Announced in tandem with the Transaction Safety Ratings, the revised Technical Reference 76 on Guidelines for Electronic Commerce Transactions (TR 76) aims to help digital retailers and eCommerce platforms offer better protection for consumers transacting online.
Choy Sauw Kook, director-general (quality and excellence) of Enterprise Singapore, said she was encouraged by the strong support and commitment of the Working Group members, who came together to develop the revised TR 76.
“The guidelines cover the end-to-end process of e-commerce transactions, and we hope they will help e-retailers and e-marketplaces improve their transaction traceability and transaction security for consumers,” she said.
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