How to Protect Your Online Store from Fraud?

protect-online-storeThe online stores are vulnerable to digital threats and fraud. An entrepreneur or a businessman need to rethink about the security challenges he may have to face before investing in an online venture.

Experts state that about one in every five businesses suffers from malicious activities over the internet including phishing and hacking. And, among them, more than half of the business suffer huge financial and goodwill lose and close down their businesses. So, to play on the safe side, we have compiled some of the best practices to protect your online store, these are;

1. Monitoring transactions

You are the best manager and supervisor of your business. To prevent frauds and a malicious attack, you can simply track the sales and keep an eye on the inconsistent purchase orders. Make sure each customer enters a physical address so that any doubtful activity from their accounts can be audited. You install add-ons to prevent users from the spam IP addresses.

2. Implement address verification

The address verification system is an effective solution to prevent fraud as it matches the billing address, a user enters with that of the credit cards and verifies the owner of the card is making the transaction. It stops fraudsters from making payments with someone else’s card.

3. Setting shopping limits

Being an administrator, you have the right to hold additional orders from users by setting a limit according to normal purchase cycle. Whether you run as a retailer or a wholesaler, every buyer place order of a certain amount or quantity, which exceeds in holidays only. Set a limit to user’s accounts so that the losses are bearable if a fraud occurs.

4. Make the Card verification value mandatory

Getting the credit card numbers and expiry date can easily be acquired by hackers, but the payment card industry rules prevent saving the card verification value (CVV) that’s why they cannot get these three or four digit codes unless they steal the physical card. To ensure the card owner is making the payment, mark the CVV a mandatory field to fill.

5. Setting tough password criteria

You might have experienced that most of the email service providers define the strength of passwords by the use of capital letters, numbers and special characters in it.

To protect unauthorized access to a user account, online store managers shall ask developers to define tough criteria that secure consumer identity and illegal use of their personal and financial data.

Conclusion

The internet security for businesses is a hot topic as more and more merchants want to unleash the power of the e-commerce website to reach their targeted audience but are worried about the frauds and cyber threats as well.