Ecommerce requires the highest level on cybersecurity than most other websites and without proper protocols, an online website store put themselves as well as customers at high risk. Regardless of the store size and even small niche, stores have heightened risk when online security has gaps. It is a fact that many small stores have great risk simply because they have insufficient safety against hacking. Apart from hacking, which is in itself a major risk, small online retailers who accept fraudulent payments have to refund charges. Besides the financial consequences the potential data breaches has major harmful effects to the reputation of online stores. Even a loyal customer will think twice to continue shopping at a store who have put their personal information at risk on previous occasion.
When a storeowners use a reputable ecommerce software platform it would have numerous built-in security features. Fortunately is it possible to strengthen website security such as:
- Setting limits: this would depend on your target customers and your business, but a limit is useful in the sense that potentially fraudulent transactions are prevented.
- Continued monitoring transactions: any fraudulent activity could be picked up through shipping and billing addresses that do not match. Usually a physical location could provide evidence of legitimacy of a transaction. When you suspect risky countries enter transactions you could block IP addresses and free email service providers poses higher fraud risk.
- Conducting risk assessment: a big mistake many online ecommerce storeowners make a mistake to misjudge their security areas and misjudge the types of data that might be at risk.
- Require strong passwords: hackers are known to use algorithms, which easily generate passwords and runs through four-digit password combinations. Once you require strong passwords with capitalization and special characters, you ensure your website is secure and other customers know that you take their information safety to heart.
- Requiring CVV: This code which is either a three or four-digit code makes fraudulent transactions less possible.
- Address Verification System: This requires the credit card issuer to have the same address than the billing address.