AICPA Briefs FTC On Efforts to Provide Consumer Protection in the Global Electronic Marketplace

Business Wire, June 9, 1999

WASHINGTON, DC--(BUSINESS WIRE)--June 9, 1999--

CPA WebTrust Most Comprehensive E-commerce Solution

To Protect Consumer Privacy, Prevent Internet Fraud

and Assure Integrity of Online Transactions

At separate briefings before the Federal Trade Commission, representatives of the American Institute of Certified Public Accountants (AICPA) offered information to government officials about CPA WebTrust, the most comprehensive solution for protecting online consumers and businesses in the global electronic marketplace. These FTC briefings complimented the AICPA's earlier testimony before the U.S. House Committee on Small Business on May 26, 1999 about the benefits and pitfalls for small businesses using the Internet to grow sales and develop loyal customers. Alan Anderson, Senior Vice President of Technical Services at the AICPA, and Everett C. Johnson, partner with Deloitte & Touche LLP, and Chairman of the AICPA Task Force on Electronic Commerce Assurance Services, provided public comment on behalf of the AICPA.

During the briefings, the AICPA highlighted several achievements of its CPA WebTrust seal of assurance program during the past year, including the development of a consumer complaint mechanism to resolve problems regarding privacy infringements, product quality and customer service, as well as the continued global expansion of the program.

"The AICPA believes that consumers deserve the same protections on the Internet that they have come to expect when they conduct retail transactions in person or through mail-order," said Alan Anderson before the FTC panel. "With CPA WebTrust, the most comprehensive seal of assurance program on the Internet, online consumers can feel confident that their privacy is protected, that the risk of fraud is minimized, and that they can resolve complaints in a timely and cost-effective manner. The goal of WebTrust is to make the Internet a safer place to shop for consumers around the world."

WebTrust assures consumers that a Web site has met the most comprehensive e-commerce standards to protect them online. These standards, known as the WebTrust Principles and Criteria, ensure that the site fully discloses its business practices for e-commerce transactions to Web site visitors, that it executes transactions according to these business practices, that appropriate controls are in place so that transactions executed at the site are completed as ordered, and that the site maintains effective controls to protect privacy of customer information and financial data. WebTrust also provides a consumer complaint mechanism through an independent, third party arbitrator that allows consumers to resolve problems about privacy infringements, product quality and customer service.

"CPA WebTrust can help to build consumer trust and confidence necessary for electronic commerce to reach its full potential," said Everett Johnson. "Our goal, as trusted CPAs, is to raise awareness of WebTrust to the point where consumers around the world will look for sites with WebTrust seals as the safest, most secure places to shop on the Internet. Just as with a financial audit, CPAs and their international counterparts are uniquely qualified to examine online businesses due to their credibility and training."

WebTrust is currently offered in the United States, Canada, Puerto Rico, England, Scotland, Ireland, Wales and Australia. WebTrust complies with European Union data protection policies and Privacy Bill C-54 in Canada.

The American Institute of Certified Public Accountants (http://www.aicpa.org) is the ISO 9001 certified national professional organization of CPAs in the United States with more than 330,000 members in public practice, business and industry, government and education. For more information about CPA WebTrust, please visit http://www.cpawebtrust.org.