Need For Special Digital Market Act To Tackle Fraud, Data Exploitation - Ahmad Zahid

CYBERJAYA, April 28 (Bernama) -- The drafting of specific laws for the digital market needs to be considered to ensure that consumer protection remains effective in an increasingly complex and technology-driven trading landscape.

Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said the matter is important as the rapid development of digitalisation has increased the risk of market manipulation, data exploitation and online fraud, which is increasingly worrying.

"Last year alone, almost 68,000 cases of online fraud were recorded, with losses exceeding RM2.8 billion. Even more regrettably, the most affected victims were among the elderly and vulnerable groups," he said.

He said this when speaking at the 54th Enforcement Day Celebration of the Ministry of Domestic Trade and Cost of Living (KPDN) and the launch of the National Consumer Policy 2.0, here today.

Also present were Minister of Domestic Trade and Cost of Living Datuk Armizan Mohd Ali and his deputy Datuk Dr Fuziah Salleh as well as KPDN enforcement director-general Datuk Azman Adam.

Ahmad Zahid said at the same time, changes in consumer behavior influenced by algorithms, digital promotions and online marketing also contributed to the increase in household debt and financial stress among the community.

In this regard, he said strengthening the legal framework is seen as necessary to ensure that the digital market did not move faster than the regulations that govern it, in addition to ensuring transparency of product information, prices and the refund process for consumers.

Ahmad Zahid said the move was also in line with efforts to strengthen the implementation of the National Consumer Policy (DPN) 2.0, which emphasised consumer protection not only in terms of price and quality, but also from digital risks, market manipulation and data exploitation.

In that context, he said a comprehensive approach involving cooperation between ministries and government agencies through a whole-of-government approach is seen as important to improve consumer literacy and digital literacy, especially among rural communities and vulnerable groups.

Ahmad Zahid said consumer protection in the digital economy era is no longer an option, but rather a national necessity to ensure market stability and the well-being of the people are maintained.

-- BERNAMA