The rankings, that are refreshed annually, aim to offer consumers with information on the anti-fraud measures implemented by e-commerce platforms operating in Singapore.
The overall security rating assigned to every platform indicates the extent to which the measures obligatory to guard against fraud have been implemented, based on the authenticity of users, the safety of transactions, the supply of loss recovery channels for consumers and the effectiveness of anti-fraud measures.
Ratings range from one to 4 markers, with 4 being the very best. The highest rating is awarded to platforms that implement all critical fraud prevention features, leading to low fraud reporting rates.
In the most recent review, the Home Office said Shopee’s rating improved from three to 4 points after fully implementing user verification based on government-issued documentation for all sellers.
“The number of reported e-commerce frauds on their platform decreased by 65 percent, from 311 cases in 2022 to 109 cases in 2023.” – the ministry said.
The other platforms that received a four-point rating – Amazon, Lazada and Qoo10 – have remained at the highest because the rating system was launched two years ago.
Carousell and Facebook Marketplace gained two tags and one tag respectively.
The ministry said user authentication and secure payment options were identified as key safeguards based on how e-commerce fraudsters operate.
“Consumers should pay attention to seller accounts whose identities are verified on platforms based on government-issued documentation. “Fraudsters are more likely to use unverified accounts to list their products and services,” the statement said.
Partners are essential within the fight against fraud. The government cannot do that alone
“These security features have proven effective in combating fraud. “E-commerce marketplaces that have implemented these safeguards have seen significant reductions in e-commerce fraud.”
The ministry said e-commerce fraud stays some of the common sorts of online fraud in Singapore, adding that it typically involves the sale of products and services which can be ultimately not delivered after payment.
Last yr, 9,783 cases of e-commerce fraud were reported, double the 4,762 cases in 2022, police said in February.
Nearly half of frauds reported in 2023 occurred on Facebook, where the variety of cases rose to 4,550 from 1,138 the previous yr.
To enhance cooperation, the ministry said the Singapore Police Anti-Fraud Command Unit was working with e-commerce platforms to co-locate staff.
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“Carousell and Shopee have begun physically locating their employees at Anti-Fraud Command. We encourage more online platforms and e-commerce marketplaces to do so,” it said.
Sun, who is also Minister of State in Singapore’s Ministry of Social and Family Development and Chair of the Inter-Ministerial Committee on Fraud, said: “Partners are essential in the fight against fraud. The government cannot do this alone.
“I urge all e-commerce marketplaces to implement key security features, particularly user verification against government-issued documentation and secure payment options, to protect internet users from e-commerce fraud,” she said.
