SSM BizTrust minimises risk of fraudulent online businesses

KUANTAN: BizTrust, the latest product introduced by the Companies Commission of Malaysia (SSM), will be able to minimise the risk of fraudulent online businesses, said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainudin.

SSM BizTrust is a standard certification that can be obtained by online business entities (including social media) via SSM, which certifies that the entity has complied with the established characteristics of trust principles and criteria including business registration, online security and protection of information.

“Online merchants can obtain the certification in the form of a logo or a seal via the Biz Trust platform and the logo can be displayed on their business website, which would bolster customer’s confidence in the business.

“SSM had also taken into account safety measures for the certification and only BizTrust subscribers can use the logo which cannot be shared with anyone else,” he told reporters after launching SSM BizTrust yesterday.

He said merchants may obtain the certification which comes in three categories, each with its own set of requirements and fee structure which ranged between RM200 and RM2,500.

Hamzah said SSM was offering an introductory discount for one year, where merchants would only need to pay between RM50 and RM1,700, according to the category.

“The fee is to ensure that merchants would be more responsible in conducting their business, but, we are not making it compulsory for online merchants to register.

“If they choose to do so, it comes as an added value to them. But, we reserve the right to withdraw the certification if the merchants are found to be fraudulent or if they sell imitation goods to customers, in addition to having to face legal consequences,” he added. — Bernama