Cyber-security represents maybe the most important eCommerce feature. Without the existence and implementation of proper protocols, online store owners put themselves and also their customers at risk for payment fraud. Even stores that cater to a small target market can find themselves at a heightened risk if they leave gaps in their online security. Actually, smaller stores face the biggest threat from cyber-criminals because of insufficient Internet safety. It has been observed that one in five small online businesses falls victim to fraud every year, and more that 60 of these stores are forced to close within six months.
More than financial consequences, data breaches harm an eCommerce website’s reputation. Loyal customers will avoid to continue shopping at an online store that put their information at risk in the past. Therefore, using the right tools became compulsory, minimizing the risks of fraud.
The majority of eCommerce software platforms provide a number of built-in security features. Here are three important ways online store owners could use in order to improve their website’s security:
1. Update eCommerce software constantly:
Software providers issue frequent updates that fix any problems in their platforms. Thus, store owners should install these in order to close vulnerabilities from new malware and viruses. Additionally, online stores should utilize a business-grade anti-malware software in order to protect themselves.
2. Address Verification System:
AVS tool is used in order to compare the billing address the customer entered with the one the credit card issuer has on file. The majority of payment processors offer this feature. In fact, it separates legitimate transactions from fraudulent ones.
Card Verification Value represents the three or four-digit code on the back of a credit card. Under PCI standards, retailers are not allowed to register this number, even if they record other information for future transactions. In addition, many cyber-criminals have a credit card number, but not the physical card. Therefore, a CVV requirement makes it much more difficult for a fraudulent transaction to go through.