Forum: Social network, e-commerce platforms should also bear losses of scam victims

I refer to the article “Financial institutions, telcos to be accountable to scam victims; new framework kicks in on Dec 16” (Oct 24). 

Besides the banks and telcos on the Shared Responsibility Framework, social network and e-commerce platforms which do not implement safeguards on fraud should also bear part of the reimbursement for victims. 

The “first mile” for victims is usually the seller links or chat group. This is where they are scammed, eventually continuing with their money transfer via the banks and telcos.

Hence, e-commerce platforms like Facebook Marketplace and Carousell, as well as apps like Telegram that demonstrate lacklustre prevention must bear the losses too.

Anybody who clicks on an advertisement for sales of products placed on Facebook, Google, Instagram or anywhere else should be assured that it has been verified.

There is no reason why Big Tech should be allowed to make billions of dollars from content they don’t vet, while providing a link between the scammers and billions of people around the world.

They are already free to monetise our personal information and bombard us with unwanted content. On top of that, they can allow organised digital crime to thrive, while bearing no risk themselves.

They will only be interested in solving the problem when their bottom lines – of billions of dollars each year – become directly and significantly affected.

The platforms have the means to stop it right now. If they do not, then they should be forced to by law.

Roland Paul Ang