With the growth of online trading, online stores are the trend. They offer the optimal customer experience and thus boost sales. Entrepreneurs, however, need to be well-informed and aware of how to protect themselves from security threats their eCommerce store will face. Online payment fraud is becoming popular; thus, the need to beef up your eCommerce security is more than just a priority.
Your customer's sensitive data is also at risk once breached, and you may suffer the loss of sales, a bad reputation, and a loss of customer trust. So when dealing with data subject requests or other eCommerce website activities, here are six security threats that you should be aware of.
The security threats eCommerce businesses face are similar to the ones traditional stores face. However, with online stores, it can be even more damaging as once hit, it is going to be very difficult to recover, as you will see with the following threats:
Emails play a massive role in eCommerce businesses. However, they are also famous for spamming. Phishing and malware attacks occur most of the time through spamming. The spammers hack people's or organizations' accounts and then use emails to send spam emails to your business email to convince you that it is legit. These attacks often lead to phishing or infected sites where your computer security is compromised.
SQL injections are some of the most common types of cyberattacks these days. The hackers inject malicious SQL commands into your website’s scripts. If they are successful, this will change how your site interprets critical data and give the hacker the ability to execute commands and shut it down if they want to.
Since the beginning, financial fraud has been a problem. It involves hackers making unauthorized transactions and wiping out the trail, thus leading the business to massive losses. However, there's another type of fraudster who file requests for fake returns or refunds. Refund fraud happens often and is a common financial fraud that targets e-commerce stores.
Phishing is a security threat where hackers masquerade as a real business and contact your customers through emails to get them to reveal sensitive information. The hackers present you with a fake copy of your legitimate eCommerce business and make the customer believe they are communicating with you. One of the popular ways they get your customers to engage with their fake messages is through "You must take this action" messages. The technique works when your customers go through with the action message and are required to enter their login information or any other personal information.
Many people know the bots that crawl the web and aid you in ranking your web on the search engine results page. However, some bots are also developed to scrape your websites for inventory information and pricing. Hackers utilize this information and change the price of your products in your online store. They can also collect the best-selling inventory in shopping carts and cause a drop in revenue and sales.
Credit and debit card fraud is considered insidious and involves identity theft. More than $20 billion is lost annually to this kind of fraud. It occurs when stolen credit and debit card details are used to buy on your eCommerce store. Since the details used are stolen, and you are unaware, you would ship the products as usual. However, when the actual credit card user becomes aware of this, they will likely issue a chargeback or a refund. These kinds of incidents lead to loss of revenue and cause problems with the payment processor.
To curb these kinds of attacks, you can do a few things to protect your business. Here are some ideas:
No matter if you run a small restaurant and want to become a new Whataburger in your niche, or if you have an eCommerce business, your business is only as good as your security systems. With so many hackers and criminals looking to benefit from your business, you need to take action and stand against them. Take the necessary steps and protect your eCommerce business from the above security threats.