Why is the Security of eCommerce Websites Crucial to Reduce Fraud Risk?

E-commerce security refers to computer security concepts that ensure the safety of electronic transactions on the Internet. Statistics show that one in five small e-commerce businesses fall victim to cybercrime each year, and more than 60 percent of them are affected to close within six months. Just like investing in eCommerce site functionalities to provide the best user experience by adding plugins and extensions such as the WooCommerce thank you page is important, keeping security measures is also a priority.

eCommerce security

E-commerce security combines website security and additional measures to protect your customers and business from fraud. As an e-commerce business, the transactions that take place on your website need to be properly managed. You need to protect customer data and protect yourself from threats that could be used to defraud your business. This guide will help you identify threats and take appropriate action to address them.

Why is eCommerce Security Important?

The security of an e-commerce website is very important for many reasons, especially when it comes to protecting the privacy and sensitive information of customers on the website, the money of an online business, fraud and fraud prevention, and reputation protection. An online store. A safe place to do business.

If websites do not meet security requirements, online buyers and sellers are equally at risk of payment fraud, scams, data breaches, and other serious threats. One of the benefits of implementing security for e-commerce is that you can gain more trust from your customers because they feel safe buying from you and also protect the confidential information of both their and your online store.

When your website has the right security, it also ensures the privacy and integrity of customers because no information they share online will be used in any way they know or allow.

In addition, apart from the fact that the eCommerce website’s status is independent of its financial status, it also affects the website’s name. Regardless of the information about the customers, they are willing to show your brand to others if they have a personal and emotional seal.

Annual statistics show that one in five small e-commerce businesses are scammed, and more than 60 percent of them end up closing within six months. So, whether you’re catering to a large or small audience, don’t slacken when it comes to ecommerce security.

How to Protect Your eCommerce Site 

Incorporate Address Verification (AVS) checks at checkout

An unauthorized person may not know the billing address information associated with the credit card they are trying to use on a check. AVS legal verification will allow you to compare the billing address and zip code used in the transaction with the information stored on the credit card issuer’s file. This is a widely used fraud prevention method that merchants rely on to verify the authenticity of their orders.

Use a Firewall

The Internet is full of different types of viruses and Trojans. Many websites have been compromised because security measures were not taken in time.

A firewall is a barrier between your device and incoming traffic. It can avoid trojan and virus attacks and give you an alert if anything suspicious happens on your server.

Any e-commerce website should have an additional security landing page, contact form, and search term. It monitors the traffic coming to your server, allows you to set up an access control list, and avoid SQL injections and direct text phishing attacks.

Require Card Verification Value (CVV) Numbers

The three- and four-digit verification code on all major credit and debit cards is called the Card Security Code (CSC) or Card Verification Value (CVV). If you require all customers to provide this code on every transaction, it helps to ensure that customers have a valid credit card. Using this tag on all purchases as an extra measure will keep your online store and customers safe by reducing the chance of fraud.

Monitor site for suspicious activity

Business owners can protect themselves from fraudulent transactions by monitoring their stores for suspicious activity. Businesses can track information and transactions for red flags, such as sales and shipping information and personal customer location. In addition, vendors can use built-in tools to track customer IP addresses and notify them when the addresses point to countries known to have large scam bases. Thus, monitoring shared sites can help companies protect themselves from suspicious activity that could lead to future fraud.

Switch to HTTPS Protocols

HTTPS can protect sensitive user information submitted to your website. If you are using HTTPS protocols, update them so that most modern browsers do not mark your website as unsafe.

Some people call TLS SSL. While there is a technical difference between the two terms, you have nothing to worry about. You should focus on using the latest version and avoid SSL or TLS encryption library vulnerabilities.

Secure Admin Panels and Servers

Avoid using passwords not used on e-commerce platforms to make your website more secure. Instead, change your passwords to be complex and unique, and always use unique names. Set your web security to report login attempts from an unknown IP address immediately.

Set Up a System Alert

You cannot let your customers use your website or place orders however they want. Any trader should have an “alert system” to notify whenever they find a suspicious person while trading online.

Your system must recognize when a person submits multiple orders with different addresses, credit cards, cell phone numbers, etc. To avoid suspicious transactions, you can also check if the name of the person receiving the order matches the card information. You can also send a command to check if a request for multiple commands comes from the same IP address and notify the server about it.

Final Thought

Here are some effective ways to protect your e-commerce site from hackers. The point is that your customers rely on you to protect their data. They trust you to protect their privacy. That’s why you should keep a close eye on the security of your website and ensure that your customers’ experience is hassle-free.