The e-commerce sector has been growing remarkably over the past few years. Going online does wonders for your business. However, along with e-commerce, e-commerce cyber attacks have also been growing leaving e-commerce entrepreneurs like you thinking how to secure your e-commerce store.
Statistics show that around 54% of e-commerce stores have faced a cyber-attack at least once. The sad reality is that only 38% of these companies can handle it successfully.
In 2000, a boy named Michael Calce unleashed a DDoS attack on several e-commerce websites, such as Amazon, e-bay, etc. The estimated loss due to damage was 1.2 USD.
There are numerous types of security threats. Credit card fraud, phishing, e-skimming, are some of them.
But, is your e-commerce ready to face these cyber attacks? If the answer is no, this article will surely help you to do so.
How to Secure Your E-commerce Store
1. Invest in Security
There are many reasons why you should not overlook security. You must invest your resources and time in security enhancement. Get an effective firewall and other security tools to identify and prevent cyber attacks if you are thinking how to secure your e-commerce store.
Another important thing to do is to make your employees aware of the e-commerce security threats and basic security do’s and don’ts.
2. Update, Back-up, and Scan
Let this be your mantra.
3. Become PCI Compliant
To prevent credit card fraud, major credit card companies around the world collaborated to establish a set of guidelines called PCI-DSS ( Payment card Council data security standards). It is mandatory to be PCI compliant if your e-commerce uses, processes or stores credit card information.
4. Use AVS to Detect Fraud Orders
Address Verification Service (AVS) compares the address of the credit card holder and the address provided by the customer. It helps to identify scams and frauds. Install an Address Verification System on your store to keep a tap on the fraudulent purchases.
5. Secure Payments with CVV
Card Verification Value (CVV) is a unique three or four-digit number printed on credit cards. You can make it mandatory for the customers to enter the CVV when they are paying using credit cards. This way, you can ensure the customer is the cardholder. Often hackers extract credit card numbers off the internet. However, they cannot use these for purchasing from your e-commerce store, if you ask for the CVV.
6. SSL Certification
An SSL Certificate ensures that sensitive data, like credit card information, is sent across the internet in encrypted form. It makes accessing sensitive information a difficult task for hackers. An added benefit is that websites with an SSL certification rank better and get more online traffic.
7. Opt for Signature on Delivery
Some scammers file false complaints stating that they have not received the goods they purchased. If this happens, you are entitled to pay them compensation. To avoid this scenario, request the recipient to sign when the goods are delivered. The signature will be proof of delivery.
8. Create Secure Passwords
One of the easiest but crucial measures to protect your e-commerce store is to set complicated passwords. Make sure the passwords used are at least 12 characters long and contain uppercase, lowercase, and special characters(@,#,!…).
It takes about five days for a hacker to break a nine-character password. Whereas, it may take up to 200 years for the hacker to break a twelve-character password.
9. Monitor Transactions
Maintain a log containing all the purchases made by customers from your e-commerce. Analyze this log for any suspicious activities. Look out for inconsistent billing shipping information, frequent returns & cancellations, etc. Focus on huge, regular transactions.
10. Install Fraud Prevention Tools
There are so many fraud prevention tools that you can choose from for your e-commerce store. These tools provide features like proxy-detection, browser-device fingerprinting, geolocation, and so much more.
Some popular fraud prevention tools are Riskified, Subuno, and Kount.
E-commerce is a great way of expanding your business. You are not limited in any way. You can buy or sell anywhere in the world. However, you need to be mindful of cyber attacks or you lose a lot of money and data. Recovery from an attack is a difficult and expensive procedure. However, these e-commerce security tips and tricks are sure to help prevent you from most of the attacks that may come your way. Implement the security measures mentioned in this article and you’re good to go.