If you are operating on the e-commerce platform, the following statistics will scare you a little bit. Almost 50% of small businesses will deal with fraud at some point; this is according to a report by the Certified Fraud Examiners. On average, they will lose about $114000 every time it happens. You must deal with issues such as hacking, phishing, fraudulent payments, among others. We will look at the steps you can take to ensure the safety of your e-commerce business from online scammers in our article below.
Observe Online Transactions with Unusual Activity
If you have a pulse on what is happening on your e-commerce platform, then you can easily tell when the transactions start to appear fraudulent. You understand how your customers operate, and you know those who spend big and those who are more conservative. Some of the red flags you need to watch out for include:
- Multiple, simultaneous or unusually large purchases
- Expedited orders
- Failed card and address verification
- Mistakes in the Billing addresses
- Several transactions for one card but with separate shipping addresses
- Several transactions from multiple cards to one address
Fortunately, you can configure your system to alert you anytime there are suspicious activities on your site.
Proper Use of Antivirus Software
Install an SSL Certificate
An SSL certificate will provide secure encryption between the browser and the servers. It will allow you to switch to HTTPS, giving visitors to your platform a trust that you are taking relevant steps to ensure the safety of their data. Multiple SSL certificates and brands are there out of them you can choose as per your site’s requirement. For example, in case of wildcard, a comodo wildcard ssl is a cost-effective way of managing multiple subdomains without purchasing separate certificates for each. Most importantly, you do not have a limit on the number of subdomains you can cover. It centralizes the management process, thus making it very efficient. You get site security, PCI scanning, and security for any credit card data you collect. With the Commodore positive SSL, you will receive a site seal, which is an indicator to your customers that your site is safe.
Keep Your Software Systems Up to Date
You must keep your software systems up to date so that you take advantage of the latest changes from the developers. You benefit from the repair of any security vulnerabilities, bug removal from your system, and get access to the newest features available. Hackers are always on the lookout for digital platforms that do not have the relevant security features in place. You expose yourself and your customer’s to data loss. You will also have to factor in the cost of restoring your system after a malware attack, which can be very costly.
Use Encryption Approach for Communication
When you encrypt your communication, only the receiver can open it using a unique key. Anyone who intercepts the conversation will get a ciphertext that will make no sense at all to them. Encryption gives you an excellent option for avoiding losing valuable data to online hackers. Encryption is especially critical on the e-commerce platform where you collect sensitive data such as credit card information, and the addresses of your customers.
Backup Your Data Regularly
It is critical that you regularly backup your data so that you have access to all your information all the time. You could lose your information in many ways. Hackers could access your site, your hardware can fail, or it may occur due to human error. Set up your system to automatically backup the data so that you do not have to set reminders to do it manually.
Use Verification Technology
You want to give your customers a pleasant shopping experience, but you must also ensure that you take steps to verify their identity. The know-your-customer (KYC) system requires that you check and confirm the identity of the customers before you transact with them. While you may think the process is complicated, especially for a small business, it will save you lots of headaches in the future. Eliminate or at least reduce the possibility of fraud to a minimum by implementing a KYC policy for your company.
Initially, it wasn’t straightforward to know your customers because they had to submit relevant documentation, which could be time-consuming. But now there is an identity verification technology that allows you to collect information quickly. Identification verification will help: –
- Reduce credit card fraud, especially among criminals who will use stolen cards on online platforms
- It will help you reduce shipping errors because you can verify the information before you send the goods
- It will increase safety for those who are using their mobile appliances to transact
- It will ensure that you comply with the regulatory requirements, such as verifying the age of your customers before you sell to them.
We have looked at some ways you can ensure the security of customer data when you are operating on the online platform. We have touched on the top measures you need to implement. You, however, have many other things you can do, including having a strong password for your ecommerce platform. Avoid collecting sensitive data that you will not end up using. It gives you the burden of storing this information, yet it serves no purpose.