As we know, online business has given a huge opportunity for entrepreneur to offer their products or services via internet. In Malaysia, there are so many online business such as . The main function of this business is to promote an easy and fast retailing. There is no need for the customers to travel to the shops or shopping complex to buy the products. For example, women who are too busy with their works or family tend to use this online business to buy clothes or scarf without wasting their time.
However, the rapid growth of online business in Malaysia also upholds the misused of it by irresponsible person. These dodgy sellers will take advantages on the customers by cheating them. Usually, they will ask for deposit from the customers who want to buy their products or services. After that, they will run away.
The examples of online businesses:
So, in order to overcome this issue, Datuk Seri Ismail Sabri Yaakob announced the amendment in law of electronic transactions. It is known as Consumer Protection (Electronic Trade Transactions) Regulations under the Consumer Protection Act 1999.
It will be in force on July 1, 2013. Under this regulation, an online marketplace operator is required to provide their full details, terms of conditions of sale, rectification of errors and maintenance of records.
The new law applies to two (2) types of persons namely:
A person who operates a business for the purpose of supply of goods or services through a website or in an online marketplace ("Online Business Owner"). "Online marketplace" means a website where goods or services are marketed by third parties for the purpose of trade. This may include your typical blog shops and sellers with accounts with eBay, Lelong and Mudah online stores.
A person who provides an online marketplace ("Online Marketplace Operator"). This may include group buying websites operators such as GroupOn, auction and listing websites such as eBay, Lelong and Mudah, and online shopping websites where third party products as sold such as Zalora.
http://www.digitalnewsasia.com/insights/attention-ecommerce-businesses-fraud-the-law-and-you
In addition, when we do purchasing through online, we would be questioned about the online transaction security, right? All banks have their own security policy on the online internet banking and we as the users should read and understand the policy. This is our right to know the process of transactions are secured. Here, I would like to share with you, Maybank and Cimb Bank security policy that they provide in their website. Actually, most of us are unaware with this security policy.
The Trust Services Principles and Criteria is an international set of principles and criteria for systems and electronic commerce developed and managed jointly by the American Institute of Certified Public Accountants and the Canadian Institute of Chartered Accountants. By demonstrating compliance with Trust Services criteria through an examination by an independent practitioner, entities earn the right to display the seal of assurance.
The Seal of assurance combines high standards for identified activities with the requirement for an independent verification/audit. Together they build trust and confidence among consumers and businesses conducting business over the Internet.
The entity has earned the right to display the Seal of assurance with respect to the Trust Service Principle(s) of:
1. On-line Privacy
The On-Line Privacy Principle requires an entity to meet high standards for the protection of personally identifiable information collected through its ecommerce systems. The criteria includes requirements that the entity: has an effective privacy policy, discloses its policy to users, uses procedures to achieve its documented privacy objectives in accordance with its defined policies, and has controls to ensure that the privacy policies are followed.
2. Security
The Security Principle requires an entity to meet high standards for the protection of the system components from unauthorized access, both logical and physical. The criteria includes requirements that the entity: has effective security policies, discloses its key security practices, uses procedures to achieve its documented system security objectives in accordance with its defined policies, and has controls to ensure that these policies are followed.
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