The internet has improved our lifestyle. Besides its significant benefits to our modern lives, there is a risk to using it as it's a dark place where virtual thieves may steal your password, identity, and even your money.
The biggest concern about online scams is e-commerce fraud, and when it comes to online stores, every retailer and customer may face this most complicated problem.
Federal Trade Commission found that consumers lost more than $5.8 billion to fraud in 2021, which was a 70% increase over the prior year. Another statistic found that shipping fraud increased by 37%, and billing fraud increased by 34% in the US.
If you own an online store, you now understand how important it is to protect your online store from scammers' attacks. If you notice the last few years, you will see that e-commerce fraud is rising day by day. But don't worry, as methods of preventing eCommerce fraud are also on the rise, and if you follow the proper steps, your online store will be safe from scammers.
1. PCI Compliance
Payment Card Security (PCI) compliance is required by PCI Security Standards to ensure online transaction security. If scammers attack your online store, you should first check whether your online store is PCI compliant. If not, then make sure that your online store meets PCI standards. It will prevent eCommerce fraud.
2. Apply AVS & CVV
You should use both AVS and CVV in your online store to detect in real-time suspicious credit card transactions and prevent credit card scammers.
AVS is short for “address verification service." It ensures that the billing address entered is the same as that on file. Card Verification Value (CVV) makes sure the entered three-digit code of the credit card's backside submitted by the customer is correct.
Even if the identity thief stole the credit card number, they can't find the CVV number and can't commit fraud. So, to keep your online store safe from scammers' attacks, you must make sure your online store has both AVS and CVV security measures.
3. Managing Your Risk
You're not alone in the fight against scammers to keep your online store safe. Many online tools are beneficial for e-commerce fraud prevention.
You can protect your online store against scammers' attacks by putting the right software and processes in place.
4. Ensure Strong Password Requirements
Using sophisticated programs, hackers can easily hack your password if it's simple, like four characters (1234/abcd). So, to keep your online store safe from scammers' attacks, you must use a strong password of at least eight digits with special characters, uppercase, lowercase, and numbers.
Though your customers won't like this kind of password, as they may have tons of passwords on different sites, getting attacked by scammers is a lot more inconvenient than using a strong password.
5. Always Use HTTPS
To encrypt and protect your online store's sensitive information, you have to use HTTPS (Hypertext Transfer Protocol Secure), the most secure version of HTTP. HTTPS is much safer than HTTP and is always effective for avoiding scammers' attacks.
So, if you own an online store and want to keep it protected against scammers' attacks, then it would be wise to use HTTPS.
6. Observe Your Online Store Regularly for Suspicious Activity
Regularly monitoring your online store for suspicious activity can protect your store against scammers' attacks. Observe the red flags in your accounts and transactions, like inconsistent shipping and billing information, the physical location of your customers, etc.
You may also use tools like Kount to track the customers' IP addresses and get alarmed by the addresses of fraudsters' countries.
7. Always Keep Platforms and Software Up-to-Date
To keep your online store safe from scammers' attacks, you also have to update your software regularly and use the latest version of the software. It will prevent the newly discovered vulnerabilities that may attack your online store.
The updated software includes more security patches and can detect and prevent fraud. Thus, it will be wise to keep your online store's platforms and software up-to-date to fight against the attacks of scammers.
Online scammers are rampant in online stores. So, if you own an online store and want to keep it safe and secure from scammer attacks, you must take the proper steps before getting attacked.
Otherwise, the sensitive data on your site may be hacked, which could damage the reputation of your online store. Therefore, follow our tips mentioned above to prevent your online store from being attacked by scammers.
(Contributed by Sohel Rana & Hermes Fang)