SINGAPORE, March 10 – In a determined push to tackle the growing issue of online scams, the Ministry of Home Affairs (MHA) has announced new measures aimed at enhancing the verification processes for advertisers and selected e-commerce vendors. This initiative is part of a broader strategy under the E-Commerce Code of the Online Criminal Harms Act (OCHA), which seeks to create a safer online marketplace for consumers.
For the past six months, digital platforms such as Carousell and Meta’s Facebook Marketplace have been testing these identity verification protocols. Based on the results of this trial, the government has decided to extend Carousell’s evaluation phase until June 2025. Meanwhile, Facebook Marketplace will continue its selective identity checks, focusing only on certain sellers rather than applying this requirement to all users.
In a statement that echoed their commitment to fostering a more secure online environment, the MHA underscored the necessity of verification in curbing fraudulent activities. “The industry must eliminate money worship, extravagance, and excessive speculation,” they emphasised, pointing out that these issues contribute significantly to the prevalence of scams.
While Facebook Marketplace reported a notable 55 per cent reduction in e-commerce scams during the trial, there was an alarming 1 per cent rise in scams associated with Facebook Advertisements. In response to this troubling trend, Meta has committed to ensuring that all advertisers undergo identity verification by the end of June 2025.
Additionally, authorities are collaborating with Meta to implement verification requirements for Facebook Pages, where many scams have surfaced. The MHA has adopted an outcome-based approach; should there not be a significant decrease in scam incidents, they may resort to implementing stricter measures, including mandatory verification for all sellers and advertisers on these platforms.
This concerted effort reflects a growing recognition of the need for enhanced security in online transactions and aims to protect consumers from the risks associated with digital commerce. As the landscape of e-commerce continues to evolve, these initiatives are essential in creating a more trustworthy online marketplace for everyone involved.
In the ever-evolving landscape of digital commerce, payment protection measures remain uncertain. Currently, many platforms view these safeguards as optional rather than essential.
Typically, these mechanisms would require confirmation of deliveries before funds are released, providing a safety net for both buyers and sellers. However, the industry has yet to adopt this practice as a standard. Instead, platforms are directing their focus toward strengthening verification protocols, hoping to enhance security through alternative means.
As we look back on recent history, the year 2023 serves as a stark reminder of the vulnerabilities that exist. Singaporean residents experienced a wave of scams that resulted in losses totalling an alarming S$651.8 million.
This disheartening trend escalated dramatically in the following year, with reported losses soaring to an unprecedented S$1.1 billion. Such figures underscore the pressing need for robust protective measures in digital transactions as the stakes continue to rise. The urgency for change is palpable, as consumers and industry leaders alike recognise that stronger safeguards are no longer a luxury but a necessity.
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