How To Protect Your eCommerce Business From Frauds
Online shopping grows daily. This has therefore served as space for cyber criminality and unnecessary scam. Currently, online businesses deal with approximately 206 000 attacks on their stores per day. This alerts you to jealously guard your online store against hackers and fraudsters who might hack into your system and rob you. Since such cases negatively affect the business’s status in terms of profits and revenue.
Ecommerce refers to commercial transactions done electronically over the internet via an online store. The transactions are done through phones, tablets, desktops, laptops and computers.
Ecommerce fraud is a criminal deception done in a commercial transaction via the internet with the aim of financial or personal gain of the fraudster but negatively hindering the retailer's bottom line.
Online fraud has increased due to several factors, including; easy access via the internet, anonymity since the majority can't see the crime, evasion since most anti-criminal bodies don't mind it, and more other factors.
Some of the ecommerce fraud cases include; affiliate fraud, chargeback fraud, credit card fraud, account take over fraud, triangulation fraud and interception fraud.
You can tell that ecommerce fraud is likely to happen if you are;
Getting inconsistent order data
Strings of orders from a new country
Very many orders from many credit cards
Multiple declined transactions in a row
Multiple transactions in a short period
Larger average order
Many shipping addresses and unusual location
Here is what you need to do to protect your ecommerce business from fraud:
1. Do site security audits
Doing site security audits helps you identify flaws within your security system before getting an attack from fraudsters and criminals.
To create and put in place a robust security system that can't be easily hacked by fraudsters, ensure that you;
Do away with inactive plugins.
Scan the website quite often to check if there is any malware
Backup your online store regularly
Encrypt communication between your store, clients and suppliers
Have your shopping cart software and plugins updated
Use strong passwords for administration accounts, hosting dashboards, CMS, database and FTP access.
Have your SSL certificate current and working
Have your store payment card industry data security standard