Before you open the virtual doors to customers at your ecommerce store, make sure you are keeping them safe. Only a small percentage of ecommerce transactions are fraudulent, but the consequences are great enough that online security should be a top priority.
Make sure you are taking steps to avoid fraud and other security threats in your ecommerce business. Here are a few ways you can avoid fraud and protect your customers and your business:
Select the Right Ecommerce Platform
Website security starts with the right foundation. Choosing a platform for your ecommerce store is an important decision, and fraud protection is a critical factor. Not all ecommerce platforms offer the same amount of security. Make sure you research what security measures each platform provides, including risk management support in case you do experience a fraudulent transaction. Many ecommerce website builders are PCI-compliant and offer robust fraud-protection features.
Maintain PCI Compliance
If your business processes, stores, or transmits credit card information, you are required by the Payment Card Industry (PCI) to comply with the Payment Card Industry Data Security Standard (PCI DSS). These standards apply to any business, regardless of size or number of orders.
What does PCI DSS mean for ecommerce? You simply need to maintain a secure environment for your customers and your own protection. To meet these standards, you should maintain a secure network, regularly monitor and test networks, implement strong access control measures, and much more.
Some ecommerce platforms meet PCI standards right out of the box. Using a secure ecommerce platform is a great way to ensure you are complaint-free and your customers (and business) are protected.
Get an SSL certificate
Secure Sockets Layer (SSL) is an encryption that creates a secure connection between your web server and your visitors. This encryption helps to ensure that transmitted information remains private. SSL certificates help to prevent eavesdropping, data tampering, and forgery.
SSL certificates are a must for ecommerce websites. Google also recently started taking it into account as a ranking signal for its search engine results. That means securing your site will help it rank better in Google search engine results pages, which is great for boosting organic traffic to your online store.
Require the Card Verification Value (CVV)
You’re probably familiar with the three- or four-digit security codes printed on the back of credit cards. Since PCI rules prevent businesses from storing the CVV with the credit card number, the only way for a purchaser to have this number is to be in physical possession of the card.
Most payment processing tools provide a field for the CVV as part of the checkout process. Make sure you use and require this field to ensure the safest transactions possible for your customers.
Use a Third Party to Store Payment Data
Storing payment data yourself is a huge liability. In most cases, PCI standards forbid businesses from storing customer data, such as credit card numbers, expiration dates, and CVVs. If you have stored any data of this nature, get rid of it ASAP. You should only keep as little data as you need. The more data you have, the more reason hackers have to target your business.
It’s a whole lot easier and more secure to use a third party to store payment data. Use a payment processor like PayPal or Stripe for your data-storing needs. Some ecommerce platforms have third-party processors built in. By using a third party, you leave data protection to a specialized provider that has the proper security measures in place to keep the data safe.
By taking these steps to keep your ecommerce store secure, you can help protect your business and your customers from fraud.