Amazon, Lazada and Qoo10 were given the best possible anti-scam protection scores, however Facebook Marketplace has been rated the bottom, in a brand new ranking device that used to be introduced on Saturday (May 14).
The e-commerce market Transaction Safety Ratings (TSR), introduced by means of the Inter-Ministry Committee on Scams, charges the platforms’ anti-scam measures.
The committee used to be shaped in April 2020 to battle scams, and brings in combination govt businesses such because the Ministry of Home Affairs, Ministry of Communications and Information, Monetary Authority of Singapore, and the Ministry of Trade and Industry.
Amazon, Lazada and Qoo10 have been each and every given the utmost ranking of 4 ticks, whilst Shopee and Carousell won 3 and two ticks respectively.
Facebook Marketplace won the minimal of 1 tick.
The six platforms are the primary to be concerned within the scores, which will likely be launched every year in April.
The committee additionally introduced the revised Technical Reference 76 (TR 76) on Guidelines for Electronic Commerce Transactions, which supplies tips to higher protected e-commerce transactions.
Minister of State for Home Affairs and Sustainability and the Environment Desmond Tan, who’s chairman of the committee, stated the brand new ranking device would make the e-commerce setting more secure and scale back scams.
“Scams are something that we are watching closely, and are a concern for us,” he added.
“Essentially, the TSR is a rating system to inform consumers on what are the measures they have to look out for in transacting online, and when buying goods online. And at the same time, we also give them the information about the existing e-commerce platforms, and what are the measures they have in place to secure the transactions online.”
Ms Rose Tong, government director of the Singapore Retailers Association, which used to be concerned within the revision of TR 76, stated the scores helped each customers and shops.
She added: “With the ratings and all these features put in place, it also gives the retailers greater assurance that they’re actually on a platform where the consumers themselves would be very assured that they probably won’t be scammed, and it actually also resonates and commensurate with the branding of the various retailers on the marketplace.”
There have been 2,707 circumstances of e-commerce scams closing yr, with $5.8 million misplaced.
Of those, 998 circumstances have been with regards to transactions on Carousell, and 562 have been on Facebook Marketplace.
The platforms are evaluated on whether or not they check the vendor’s id, track for fraudulent supplier behaviour, have protected cost answers to be had, take care of transaction information and person knowledge, and feature reporting and dispute solution mechanisms.
While the ones with 4 ticks had all of the options, Facebook Marketplace, which is administered by means of Meta, won a null overview when it got here to verifying supplier identities and having protected cost answers to be had.
Miss Clara Koh, head of public coverage for Singapore and Asean at Meta, stated the corporate helps the initiative, however was hoping customers would glance past the ticks.
“The TSR is an important effort to educate consumers, but we note that it applies a uniform rating to platforms that have differing features and therefore have different ways of protecting their users,” she added.
Professor Lawrence Loh, director on the Centre for Governance and Sustainability at National University of Singapore, stated the brand new scores have been a step in the appropriate route in tackling e-commerce scams.
“With so much attention on scams now, I think consumers will have to pay heed to the ratings on the platforms they use,” he added.
“But it is a delicate balance that has to be struck between convenience and security. You cannot make it too difficult for buyers and sellers to get on your platform for the sake of ratings, because then there will be a trade-off in the number of users.”
He added that if the TSR proves a hit, there’s doable for it to be expanded to take on different sorts of scams.
“If this works, and brings down the number of e-commerce scams, then it paves the way for other areas,” he stated.
“It might lead to job portals receiving a safety standard rating to tackle job scams, or maybe even dating platforms to have some form of assurance standard to tackle love scams.”
The TSR is to be had for public viewing at the MHA website online.