Tips to Protect Your Online Store from Fraud

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Online shopping has become one of the most popular ways to spend money today. It is extremely convenient, and you can purchase everything from groceries to electronics without ever leaving your house.

Tips to Protect Your Online Store from Fraud
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Despite this convenience, online shopping also comes with risks, including credit card fraud, identity theft, and even the potential loss of large sums of money to online scammers. To protect yourself from these pitfalls, check out this list of seven tips that will help keep your online store safe and secure.

What is ecommerce Security?

Cyberattacks can be prevented from your company's system and data. It also protects it from malicious bots or cybercriminals. It protects your business and your customers' private information online.

Ecommerce security is the process of protecting your online store from fraud and cybercrime. This can be done in several ways, but some of the most effective include using a secure server, installing an SSL certificate, and using a payment gateway.

Guide to Protect Your Online Store from Fraud

Enable 2FA (Two Factor Authentication):

Two-step factor authentication (2FA) is an extra layer of security that can be added to your online store. 

  • When 2FA is enabled, a user will need two pieces of information to log in: something they know (like a password) and something they have (like a phone). 
  • 2FA can help protect your store from fraudsters who may have obtained your password through phishing or other means.

Enabling 2FA is quick and easy, and many reputable providers exist.

Implement SSL Certificates:

SSL is the industry standard for securing online transactions because it authenticates users and encrypts data while in transit. Secure connectivity between your e-commerce website and your end users requires SSL.

You can protect your online store by implementing SSL certificates. This will encrypt the connection between your server and your customers' browsers, making it difficult for hackers to intercept data.

Tech-savvy buyers will need to know that the padlock icon and the "HTTPS" in the address bar are prerequisites for providing personal information and credit card information.

Your online store should have an SSL certificate. You can buy RapidSSL certificate, Thawte SSL certificate or Sectigo SSL certificate from a variety of providers. Once you have them, you will need to install them on your web server and configure your website to use them.

Do not Store the Sensitive Data, Be PCI Compliant:

  • The PCI Security Standards Council regulates that merchants who accept debit/credit cards online or offline must adhere to its rules to protect customers' payment information. Otherwise, they could be subject to severe penalties.
  • You are responsible for safeguarding your customers' sensitive data when you run an online store. If you are not careful, your store could be the target of fraudsters looking to steal credit card information and other personal data.
  • Another way to protect your store is to be PCI compliant. It means following the Payment Card Industry's Data Security Standard, which lays out specific requirements for how businesses must handle credit card information.

Limit Login Attempts:

One of the most important things you can do to protect your online store is to limit login attempts. It will help prevent hackers from using brute force to gain access to your site. You can do this by installing a plugin like Limit Login Attempts.

Integrate with Account Monitoring Tools:

It is important to take steps to protect your store from fraud. One way to keep safe website is by integrating with account monitoring tools that alert you when a customer opens a fraudulent account on your site. 

For example, suppose you are alerted that a user has opened five accounts on your site in the last hour. In that case, you can freeze the account and contact the authorities for further investigation of their activities.

Stop Brute Force Login Attempts:

One of the best ways to shield your online store is to stop brute-force login attempts. Brute force attacks happens when someone tries to guess your password by trying various combinations. If you have an online ecommerce site, it is important to have a strong password policy. 

Make sure your passwords are at least eight characters long and include a mix of letters, numbers, and symbols. You must also change your passwords regularly and never use the same password for more than one account.

Create Unpredictable Admin & Other Usernames:

You can increase the security of your website by creating a unique username. We do not usually put as much effort into creating usernames as we do create passwords. Perhaps it is a psychological issue. Hackers can use your username to access your site. On the other hand, a long username is much more difficult to guess, so you should always create different usernames for different accounts.

The importance of security in e-commerce

Ecommerce site security is crucial for many reasons. These include protecting customers' privacy and sensitive data, safeguarding finances, preventing fraud, and protecting an online store's reputation as a safe place to transact.

Customers and online merchants are at great risk from fraud, data breaches, and other serious threats if the required security features are not implemented on websites. Secure ecommerce is a great way to gain customer trust. Customers will feel more secure shopping with you. It also protects their sensitive data.

By putting the right security measures in place on your website, you can also ensure your customers' privacy and integrity, as no information they share online will be used without their consent.

In addition to negatively influencing the finances of a business, ecommerce site’s security breaches also affect a site's reputation. Despite the dedication of some customers, they will refuse to recommend your store to others if their privacy and sensitive data are at risk.

One in five small ecommerce businesses experiences fraud each year, and more than 60 per cent of them close within six months of being impacted. No matter if, you cater to large or small audiences always ensure ecommerce security!

As discussed above when you buy RapidSSL to encrypt your website then, it will ensure that all information passed between the customer and the website is secure. 

Conclusion

A business must focus on cybersecurity to succeed as increasingly sophisticated hackers commit crimes.

An online business owner should take steps to protect your store from fraud. One way to do this is using a secure SSL certificate. SSL certificates encrypt communication between your website and visitors' browsers, making it more difficult for hackers to steal sensitive information.

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