Effective 1 July, all online businesses and services will have to abide by the Consumer Protection (Electronic Trade Transactions) Regulations 2012, reports BERNAMA. This is to protect the interests of consumers. Domestic Trade, Co-operatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said; speaking at a media conference when announcing the Consumer Protection Regulations 2012, that the regulations are important as 1.1 million people in the country carried out transactions online, with business worth RM1.8 billion in 2010. The figure is expected to rise to RM5 billion by 2014. Ismail said that measures have to be taken to protect the interests of consumers, as there was such a large value of transactions. The MCMC’s statistics in 2009 showed that 67 per cent of Internet consumers were aged between 11 and 39 years old. Latest Companies Commission of Malaysia statistics showed that there were 600 online companies and 16,405 online businesses registered. Ismail added that cases of electronic transaction frauds were rising to a worrying level as the sector was not regulated. “As such, the regulations have to be introduced to raise the confidence of consumers in carrying out electronic transactions and further development trading in the country,” he said. He urged businesses to display the full details of the enterprise, as well as full costs of the items or services inclusive of transportation and duties. If convicted under the regulations, traders could be fined not more than RM50,000 and/or jailed for not more than three years. The regulations apply to persons supplying goods and services through websites or online marketplaces, including social media such as Facebook.