With the increasing popularity of online shopping, the safety and security of online transactions are critical for both customers and companies.
In 2024, e-commerce is estimated to account for around 22% of total worldwide retail sales, with revenues reaching $6 trillion.
Furthermore, customer experience in e-commerce is critical. According to statistics, 57.6% of internet users globally make at least one online transaction every week.
What is more, the frequency of e-commerce operations is on the rise. Therefore, it is critically important to make ecommerce payments secure for businesses.
We are ready to support you in this endeavor and share the key tips that will help you stay on the safe side.
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1. Tokenize Transactions
Tokenizing the card data ensures payment security. Tokenization replaces payment data with randomly generated, unique identifying symbols.
These save important information but are unrelated to any account or person. This approach allows you to substitute sensitive data with a non-sensitive alternative.
Thus, even if hackers had access to the servers, they would be unable to obtain credit card information since it is just not there.
As an alternative solution, you can create unlimited virtual cards and use a specific virtual card for a particular type of transaction with a pre-defined limit.
2. Enable Two-Factor Authentication
Two-factor authentication (2FA) is an integral component of an effective strategy against key cybersecurity threats.
2FA, also known as multifactor authentication (MFA), is crucial when interacting with suppliers, social media, financial companies, or other platforms where your organization has an account.
If a cybercriminal gains access to your accounts, sensitive consumer information, as well as confidential corporate data, are at risk.
If you work with a vendor that does not provide 2FA or MFA, request it or find a more secure provider.
With 2FA, you’ll know right away if someone is attempting to access your account and may take action to safeguard it by resetting the password.
3. Confirm Each Transaction
E-commerce financial transactions are, by definition, card-not-present transactions, which are fundamentally insecure.
The good news is that online companies may increase ecommerce security by confirming transactions using the following methods:
- Require clients to submit the credit card security code;
- Ask customers to input the card’s billing address and match it with address verification;
- Get a phone number to contact if there is a difference;
- Validate the given email address.
4. Find A Safe E-commerce Platform And Payment Provider
One of the most effective methods to safeguard your online business is to build it on a secure e-commerce platform.
The greatest e-commerce platforms are established businesses that use cutting-edge security procedures.
Keep in mind that secure payment options are never cheap, but this cost is an important component of your cybersecurity budget.
Secure e-commerce platforms may ultimately save you money by protecting your reputation and customers.
5. Purchase Cyber Liability Insurance
Even if you take precautions to safeguard your business, you may still be exposed to smart hackers or dishonest workers. Cyber insurance can help you cover all bases.
Cyber liability insurance often covers expenses connected with a data breach, such as lost revenue, alerting consumers, retrieving compromised data, and repairing damaged computer systems.
6. Do Not Store Customer Payment Information
It is recommended to avoid storing any customer payment data so that fraudsters do not target it. Do not save electronic data or paper files, such as when accepting credit card payments over the phone.
If you must save payment data to allow for simple repeat transactions, employ a third-party provider that uses encryption to safeguard the information.
7. Obtain An SSL Certificate For Your Website
A secure sockets layer (SSL) certificate ensures transaction security by encrypting communication between the consumer and your company.
In addition to this very practical advantage, an SSL certificate increases customers’ confidence in the professional operation of your business.
Additionally, install a firewall to protect your company’s data, as well as an intrusion detection and prevention system.
8. Ensure PCI Compliance
Anyone who accepts credit cards is expected to follow Payment Card Industry Data Security Standards (PCI DSS).
These guidelines address proactive measures companies must take to accomplish the following:
- Create and maintain secure networks and systems;
- Safeguard account data;
- Scan and guard against harmful software;
- Control access to critical information;
- Test networks for intrusions;
- Respond promptly and properly in the case of an assault.
9. Accept Secure Online Payments
Consider taking payment forms with integrated security in addition to credit cards, which you may validate with extra data.
This includes digital wallets like Apple Pay, Google Pay, and Samsung Pay that are protected by blockchain technology and electronic checks validated by the automated clearing house (ACH) network.
Additionally, LinkPay virtual cards provide an added level of security.
10. Educate Your Employees On Security Practices
Human mistakes may cause data breaches. Therefore, it is critically important that your employees are trained to recognize and respond to suspicious emails or phone calls attempting to get login credentials.
Warn them about opening suspicious email attachments that may contain malware or disclosing important information to unauthorized parties.
When they leave their desks, they should log out of their workstations and never leave work-related USB drives or devices unattended.
Ensure Your Payment Security
Hackers are inventive; they are always developing new methods to get access to private information. Therefore, security must be your top priority.
Otherwise, your ROI will quickly go down. Fortunately, there are some tricks that can help you stay on the safe side.
It all begins with selecting the ideal e-commerce platform and establishing a robust IT infrastructure.
Make sure to validate transactions, maintain your systems up to date, and avoid storing user information.
