Top 5 E-commerce Fraud Prevention Tips and Techniques In 2020
Online fraud is becoming more and more troublesome for the online ecommerce store owners. Globally, around 50% of ecommerce stores have been affected due to online fraud at least once after their inception. Though, as an ecommerce store owner, you may not directly stop fraudsters from hacking into your site, but you can at least harden your site’s security apparatus to foil any malware attack, and hacking attempt into your site.
You should ensure maximum safeguards to protect your customers from online hacks and other security breaches. Several laws mandate consumer’s safe and secured financial transactions on an ecommerce store while they book their order. It’s the online store owner’s responsibility to facilitate highly protected and encrypted financial transactions on their site round the clock. Failing to do say may invite unwanted legal troubles for the firm.
The good news is, you can easily integrate various fraud prevention techniques into your online store. It offers a safe and convenient shopping experience to your online shoppers, and also helps you improve the brand’s reputation worldwide.
Alternatively having sincere advice from online retailer insurance specialists can save your day as well.
Top 5 Ways To Protect Your Ecommerce Store From Online Frauds
Ecommerce Solution
If you are building your own ecommerce web store from scratch, then choose a safe, secure and well-known ecommerce solution provider. You can go for WooCommerce, Prestashop and Magento among others. You should integrate any effective online security plugins to prevent online fraud and security breaches.
PCI Compliance
PCI or Payment Card Industry compliance means every ecommerce store has to follow certain fintech security measures for facilitating a safe and secured online transaction. All online payments are authenticated by payment gateways through a global forum called Payment Card Industry Security Standards Council (PCI SSC). All ecommerce stores must be PCI-compliant and adhere to the set of rules created to offer maximum protection to online shoppers from financial frauds and thefts.
Automated Fraud Detection
Some ecommerce platforms provide DDOS Automated Fraud Detection facility. You should always opt for it. Apart from its hard-to-crack firewall, network architectures and additional security checks, DDOS also helps online customers to complete their financial transactions with full confidentiality and secrecy.
Order Setting Limits
You should set a limit for the number of orders booked in a single day by a particular customer using a certain debit/ credit card. Alternatively, you should specify a transaction limit that automatically stops customers to book orders beyond a certain limit.
These security measures might impact your earning potential, but they can save you from paying hefty legal fees, if your site gets accidentally hacked. You can easily limit your liability to a particular amount only through order setting limit.
Security Updates
You can also reduce a lot of security issues by keeping your system and other security software up-to-date. Always use the latest operating system (OS) on your system. Your OS releases several security patches from time to time to protect your system from unwanted virus and malware attacks. Never ignore these updates. Let your system automatically download and install these updates once those are released.
A secured ecommerce store is vital to win your customer’s faith, and for your firm’s long-term stability. Please follow the above tips to protect your site from online frauds and forgery. However, you should immediately contact an online security expert if your site has encountered a major problem relating to a data breach or virus threat.
