07 Jul 2017
Why Is E-Commerce Portal Security Important For Your Sales Conversion?
Online E-Commerce is fragile, and store owners and their customers are constantly at risk from cyber crime and money fraud. Without ideal protocols in place, voids in online security can pose as trouble and affect the business. Small stores, in theory, may look safe but found that one in five small store websites find themselves as victims every year. Another alarming find is that about 60 online retailers are forced to close within almost six months since initiation due to payment frauds.
What are the Consequences of Online Fraud?
- Accepting Payments and Refunds: Fraudulent purchases can be a heavy burden to bear on the site owners as cyber criminals target returns to cheat them of their money
- Handling Hacking: Expert hackers can gain access to customers and their banking details, and other sensitive information leading to distrust in your brand
- SEO Content: Your website can be passed or overlooked by search engines if it not protected. Google primarily drives traffic only to secure locations to benefit their users
What Can You Do To Protect Your Website?
Several features can be built into the system to prevent an attack. Let us look at some key features that are essential to contain E-Commerce security threats:
Update the Software
- Utilising commercial-grade malware protection is ideal and regularly updating the software can prevent vulnerabilities from new viruses
- Opt for automatic update service that is hassle-free, and in-turn keep your system functioning at its best
- The algorithms that hacker use are commonly a four-digit combination-led password detection
- A long password with alphanumeric components, special characters and capitalisation are more secure
Setting Payment Limit
- Fraudsters thrive on clutter where it is easier to syphon money in small quantities over an extended period
- Keep track of purchase and refunds effectively by setting a limit for payments for every transaction
Address Verification System
- Confirmation of the physical address of a customer provides proof of a legitimate transaction
- Differing billing and shipping addresses are often a red flag indicating malicious activity
- AVS can compare the addresses with the credit card issuer
- Use IP address tracking that can track email accounts from risky locations
- PCI standards prevent retailers from storing this three-digit code from credit/debit cards
- Cyber criminals who get hold of card numbers cannot gain access to the CVV hence preventing them from making transactions
- Identify data that are most at risk and build powerful security around it
- Evaluating risks on a daily basis can reduce further vulnerabilities
- Appearance of the ‘lock’ icon of an https:// website assures connection to the website intended
- Using encrypted data protects passwords, login IDs, debit and credit card numbers
The first initiative to sustain an E-Commerce business should be the installing an effective malware protection from cyber criminals. Building trust when not face-to-face with a customer is harder, and breach in security can cost your business. By understanding key dimensions of E-Commerce security, you are ensuring a stable relationship with users and safeguarding everyone’s financial interests.
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