One might ask, “Who is the regulator of digital market place?” or “Who is in charge of the consumer grievances due to internet fraud?” Well, Malaysia has introduced a set of e-commerce regulations based on a combination of the Electronic Commerce Act 2006 and the Electronic Government Activities Act 2007. The government also suggests that the contents in the e-commerce legislation are needed to be reviewed in order to adjust to any modification in technology as well as social networking and mobile applications. Plus, Malaysia has a prolific number of consumers who take the advantages of mobile phone where in 2011, it was reported that Malaysian constituted 61% of internet users in Asia (Mukhtar et al, 2016).
According to Bohme and Moore (2012), the likelihood of reducing online shopping among consumers who experienced cybercrimes previously has increased by 10%. Furthermore, the alarming number of cybercrimes has cause major concerns among consumers where 18% of them stated to reduce the activity of online shopping while 50% of them claimed to be extra cautious when buying things over the internet. As consumers feel discourage to make use of the online marketplaces, this could be causing a harmful effect to e-commerce businesses which could hinder them from expanding. Thus, Malaysia has look beyond this issue by establishing an Internet Banking Task Force and Malaysian Cyber Security Agency with an aim to encourage the consumers to do online shopping by heightening their confidence with the presence of strong internet security.
Also, Malaysia Central Bank (BNM) called for the implementation of EuroPay Master card-Visa standard for transactions involving credit cards back in 2005. Furthermore, minimum risk management requirements are introduced for all types of electronic banking which consist of two-factor authorization. Malaysia too does not miss the opportunity to join the bandwagon of introducing e-commerce laws, policies and regulating e-commerce transactions internationally by participating in Asia Pacific Economic Cooperation’s (APEC). The aforementioned measures are expected to build a more convenient e-commerce environment in Malaysia as the health of the economy would deteriorate if consumers are declining the use of digital marketplaces. The authorities or organizations in Malaysia play significant roles in regulating Malaysian e-commerce environment and hopefully, one day, our e-commerce will grow and be on the same level to those in the United States or other advanced e-commerce destinations.
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