The Inform Act, which takes effect today, requires online marketplaces to disclose and verify the identity of its sellers to deter the sale of stolen, counterfeit or harmful products.
During the second quarter of 2020, e-commerce sales in the U.S. accounted for 16.1% of total retail sales and reached $211.5 billion, a 44.5% increase from the prior-year period, according to Census data. E-commerce growth in the U.S. has since leveled out, but its share of sales has remained consistent.
Criminals have been able to operate with "complete anonymity using fake screen names and fake addresses," but the Inform Act will change that, Lisa LaBruno, senior executive vice president of retail operations at the Retail Industry Leaders Association, told CNBC. Digital marketplaces will now be required to collect bank account details, a tax ID number and contact information from relevant sellers and verify that information is correct within 10 days of a vendor reaching "high-volume" status.
The disclosure requirements are steeper for sellers that have annual gross revenues of $20,000 or more on a particular marketplace.
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