World Trustmark and Trade Alliance

Archives for March 2022

WTA Reported During APEC SOM1 DESG And DPS Meetings

(11 March 2022) – WTA Dr. JJ Pan, Eiichiro Mandai, and Kenying Tseng participated APEC Senior Officials’ Meeting (SOM1)- Digital Economy Steering Group (DESG) and Data Subgroup Meeting (DPS) on February 16~17 to report the amendment of the Guidelines of Trustmark Operations (GTOs) which set up the benchmark of Ecommerce trustmark certifiers and baseline of Ecommerce trustmark operations since 2003 and updated in 2008.

The review was led by advisor, Richard Chen, participated alphabetically by Acxiom US, CommerceNet Singapore, Cybersecurity Malaysia, EBS China, TradeSafe Japan, HKFEC Chinese Hong Kong, and Leeandli Chinese Taipei. Based on the criteria of Measurability, Specification, Feasibility, Cross-border capability. APEC cross-border privacy rules (CBPRs) were also heavily referenced in conjunction with the review.

The new contents were proposed according to the examined criteria and experienced trustmark certifiers. Furthermore, the assessment criteria of cross-border trustmarks was also provided. Implementation will further ensure the consistency of trustmark certification process across the world.

The updated Guidelines and Criteria will be officially released after Annual Meeting and Global Trust Summit during 2022. The updated Guidelines, Criteria and Global Trust Summit are expected to have further impacts and exploration on not only the trustmark certification but also on the paradigm shifting of digital trading and cross-border Ecommerce.

#Trustmark #APEC-DPS-meeting #TrustmarkGuidelines #WTA #WorldTrustmarkandtradeAlliance

Top 5 DeFi Scams in 2022

What is DeFi?

DeFi stands for ‘Decentralized Finance’ and as the name suggests, it is a technology that uses blockchain ledgers to enable financial services. Thereby, DeFi eliminates the control that banks and institutions have on money, financial products, and financial services. It allows faster and cheaper cryptocurrency transactions globally without a finance firm, credit check, or loan officer in the middle.

The centralized financial system is full of third parties who charge each other fees for facilitating the movement of money. DeFi gets rid of these intermediaries by allowing people, merchants, and businesses to conduct financial transactions on the blockchain. This is made possible by peer-to-peer (P2P) financial networks that use security protocols, connectivity, software, and hardware advancements. In a P2P DeFi transaction, two parties agree to exchange cryptocurrency for goods or services.

All a person requires to access the Decentralized Finance system is an internet connection and funds can be transferred in seconds. This same ease is what leaves people open to some common DeFi scams. Research showed that losses from DeFi Fraud and Theft reached $10.5 Billion in 2021.

Top 5 DeFi Scams

DeFi enables everything that can be done in the legacy banking system, such as lending, borrowing, trading, saving and investing without the need for third parties. In a peer-to-peer environment, there is no central financial institution overseeing the transactions and carrying out checks such as Know Your Customers (KYC) verification requiring documents like photo ID, address validation, banking information, or social insurance numbers. Therefore, if you are scammed out of your crypto, there is no central authority that can reverse the transaction, investigate the scam or report to a regulatory body. There is no way to find out who stole your funds either as the transactions are virtually anonymous.

For more information, please visit https://www.scamadviser.com/scam-reports/scam-trends/4489/top-5-defi-scams-in-2022.

#DeFi #DecentralizedFinance #blockchain #cryptocurrency #P2P #KYC #developer #scam #authentication #FinancialService