eCommerce Solutions fraud is not just on the rise, it is hurtling at an alarming rate towards a finish line that seems to be nowhere in sight.
In the second quarter of 2017 alone, e-commerce retailers and merchants in eight of the biggest industries suffered losses worth $57.8 billion.
Every day, conniving fraudsters come up with innovative, sophisticated ways to steal precious data and swindle online merchants of thousands of dollars. The kinds of fraud on eCommerce solutions platforms are numerous: identity-theft, mobile wallets fraud, stolen financial,s and account takeover, to name a few.
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Such misdemeanors negatively affect only the financials of a company, but also its relationship with its customers. Customers are not likely to do repeat business with your firm if they have been the victims of a data breach or account takeover on your eCommerce solutions platform.
How do you, as an eCommerce solutions business owner, keep your enterprise safe from the constant threat of hacks and frauds?
In this article, we will discuss a number of solutions to protect your eCommerce solutions business and ensure that everything is secure at all times.
How to protect eCommerce solutions business?
1. Choose Your Payment Processor Carefully
Most eCommerce solutions websites use third-party payment processors to provide a secure payment avenue for customers. It is important to choose a reliable payment processor because of how important the data being transmitted during the transactions is. A payment processor that is not only compatible with your eCommerce solutions software but which uses the best practices in data security should be chosen.
2. PCI Compliance
The PCI or the Payment Card Industry Data Security Standard (PCI DSS) is a standard that contains security requirements that every merchant who stores, processes or transmits credit card data. It is mandated by five major credit card companies: MasterCard, American Express, Visa, JCB, and Discover.
Compliance with PCI reduces the risk of your eCommerce solutions website being compromised and information being stolen from there. PCI compliance will not only help you avoid hefty fines or lawsuits but also show customers your commitment to keeping their information safe.
3. Address Verification System (AVS)
AVS or Address Verification System is a common anti-fraud tool used by most payment processors. An AVS compares the numeric parts of the billing address stored on a credit card to that of the one stored in the file of the credit card company.
If the details match, there is a lesser risk of the card having been stolen. However, AVS compares only the numeric parts of the billing address, it would be useful to deploy it as a secondary safety measure, in conjunction with other safety tools.
4. Card Verification Value (CVV)
CVV is the 3 or 4 digit-long security code printed on the back or front of the physical credit/debit card. Its use is becoming more common. It is not printed on receipts nor is it stored with the credit card number and cardholder’s name. It’s virtually impossible to be found by hackers unless they’ve physically stolen your card.
This is why it acts as an effective security measure. Most payment processors provide the option to use CVV as a checkout identification and it should definitely be used to provide that extra level of security.
5. Avoid Storing Unnecessary information
eCommerce solutions businesses should be aware of the risks of storing sensitive information such as credit card numbers or their expiry dates and CVV codes. In fact, such practices are banned under the PCI mandate. If your business has such information stored, it should be gotten rid of immediately.
Only the minimum amount of data absolutely necessary for refunds or chargebacks should be kept, and the rest discarded. It is in the best interest of the customers that their information is not stored like this because, in case of a data breach, it would be disastrous.
6. Update your Security Patches Religiously
A common feature of a number of data breaches or hacks is that the websites are running outdated code or old versions of the software. If you do this you’re practically begging to be hacked because the job of an eCommerce fraudster is made that much easier when you don’t update your systems. Try to install updates as soon as they’re available, no matter how much time it takes. It will save you a lot of trouble later.
7. Layered Security
Layering various security features is a highly recommended method for any firm looking to toughen up its safety. Starting with the first layer of the firewall, extra layers of security should be added to different elements of the eCommerce solutions website.
Every webpage on your site should have an SSL (Secure Sockets Layer) certification. Layered security is the best way to protect your eCommerce solutions platform against attacks like SQL injections or cross-site scripting (XSS).
With the risk of eCommerce hacks and data breaches growing stronger by the day, eCommerce solutions business owners would do well to map out their security requirements and find out the gaps in their security strategy.
Also, read: Everything You Need To Know About SSL Certificates For eCommerce
Bottom Line
eCommerce companies should leave no stone unturned in making their website hack-proof. It is ultimately the security of the customers’ confidential information that is at the heart of the matter. Data security is an integral part of maintaining your relationship with your customers. Ensure that your eCommerce solutions are up to date and functional to avoid the risk of huge data breaches that could potentially cost you your whole business.
