Debate on President’s Address: Melvin Yong on stronger protection for consumers online

E-commerce has made significant progress in recent years, from the way businesses operate to the way consumers find and purchase goods and services, and the way products are delivered, said MP Melvin Yong. Speaking in Parliament on Wednesday (Apr 19), he pointed out that while e-commerce has opened a new world of opportunities and possibilities, it also presents new risks and dangers to consumers. He stressed the need to review and update Singapore’s consumer protection laws and ensure that they provide the same protection for consumers both online and offline. To resolve consumer disputes equitably and efficiently, Mr Yong said the Consumers Association of Singapore will be launching a new CaseTrust accreditation scheme for e-businesses. It will cover the entire range of practices from pre-sale to post-sale and address common consumer pain points. Turning to the Government’s push for greater use of digital payments, Mr Yong stressed the need to be mindful of the risks and strengthen the safeguards. He said cybersecurity should be a top priority and urged financial institutions to implement safety measures in advance to prevent data breaches, system failures and fraudulent activities. He said more needs to be done to educate vulnerable consumers. Mr Yong also highlighted the risks of unregulated short-term financial services, such as “buy now, pay later” schemes. He called for more stringent limits and stronger safeguards on such transactions so that consumers do not chalk up unforeseen fees and hidden charges, or end up overspending and being addicted to online shopping.