CSM rolls out MyTrustSEAL to reduce online fraud

• Service involves auditing and validating e-commerce websites and entities
• Online fraud most 'popular' type of security incident reported to Cyber999

NATIONAL cybersecurity agency CyberSecurity Malaysia (CSM) has launched MyTrustSEAL, a service that involves auditing and validating e-commerce websites and entities to provide Internet users a way of identifying e-businesses that are legitimate and will deliver as promised.
 
Organisations that satisfy the assessment criteria will receive the Malaysia Trustmark certificate or seal to be uploaded to their e-commerce website, CSM said in a statement.
 
The agency said it hopes this would encourage the use and growth of online services and businesses in Malaysia by reducing online fraud and increasing trust in e-services and e-commerce websites.
 
“As e-commerce gains popularity, cybercriminals see the opportunity to set up fraudulent websites,” said its chief executive officer Dr Amirudin Abdul Wahab (pic).
 
“Internet users are lured to the fraudulent websites and some end up as fraud victims. Year after year, online fraud remains one of the most reported type of cybersecurity incident, based on statistics compiled by CSM’s Cyber999 Help Centre.
 
“The number is also increasing every year. As of October 2014, the total number of fraud incidents reported to Cyber999 was 3,190 or an average of 319 incidents per month. In 2013, the monthly average was 312.5, whereas in 2012 it was 234.8 incidents per month.
 
“Fraud undermines e-services and e-commerce, and also raise the issue of trust in online transactions. Hence, we launched the MyTrustSEAL to boost consumers’ confidence in e-services and e-commerce,” he added.
 
Of the 3,190 online fraud incidents reported from January to October 2014, phishing was still the highest, making up 2,993 incidents or 94% of all reported online fraud, CSM said.
 
This is because it involves online banking. Clearly, criminals are aiming for financial gains, the agency added.
 
An average of 12 fraud incidents involving online purchases are reported every month, or 120 total incidents from January to October this year.
 
Other common incidents that fall under ‘fraud’ are unauthorised transactions, impersonation and spoofing, illegal investments, and counterfeit items.
 
CSM said that as Oct 31, it received 64 applications for MyTrustSEAL; 48 of those have gone through auditing and 17 of those have been certified.
 
CSM also launched the Malaysia Trustmark in July 2013. The Government has appointed it the Certifier of the Malaysia Trustmark for the Private Sector.
 
Malaysia Trustmark is a service that carries the MyTrustSEAL brand, and has been a member of the World Trustmark Alliance (WTA) since 2011.
 
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