eCommerce is springing up at a rapid pace and at an unforeseen rate; besides, fraudulence grows along with it. The upswing of online marketplace makes it the point where a lot of transactions happen that attracts fraudsters’ attention to hack valuable data of business operators as well as of their customers, thereby making money illegally. It is the duty of business operators to protect their customers’ credentials and trim down fraudulence. It doesn’t matter whether you apprehend frauds or not; before that, you have to find ways to protect your credentials and that of your customers.
Payment fraud
eCommerce businesses mostly rely on online transactions to ease their customers. Cyber thieves use different and advanced tactics to penetrate eCommerce website and access the sensitive information. As a business operator, you can’t go behind fraudsters all the time; however, you can stay on a safer side by doing all the preventive measures to stop them from hacking you. Payment frauds can be of several types such as unauthorized or fraudulent transactions, identity theft, lost or stolen merchandise, page jacking, phishing, and the like, which need nothing but a careful review of your web presence.
Fraud Mitigation
Where there is a rule, there will always be a loophole. Still we can be vigilant to protect our credentials and shield the most valuable prospects of our customers from hackers by utilizing all available firewalls and antivirus software, even though we cannot eradicate or eliminate eCommerce fraudulence completely. Updating network security system constantly helps you stay away from fraudsters. Consider the below listed precautionary measures while redeeming your eCommerce business from fraudulence:
- Stay updated on latest fraud trends
- Partner with authenticated payment processor
- Encrypt all online transactions
- Ensure login credential security
- Encrypt emails and messages that contain confidential information
- Substantiate a policy for accessing confidential information
- Run security check constantly
- Enforce customers to do purchases through their personal accounts
Being the primary revenue generator of many developing countries, eCommerce cannot be put at risk just for these minority fraudsters. By adhering to certain preventive measures, namely turning on gateway fraud filters, manual reviewing, and seeking the help of fraud-preventing third parties, you can have done with such fraudulence.