1. Pick the right ecommerce platform
Unless you need to build your ecommerce site from scratch – which is becoming less and less relevant considering the maturity of the current ecommerce platforms – there are so many choices for you to pick.
Here, the pick surely relies on the functionality, costs and many other factors. And the platform’s robustness vs. fraud should be another crucial criteria for all sizes of ecommerce companies.
A clear criteria can be looking for a cutting-edge risk management support in platform’s offerings.
2. Align with PCI Compliance
Payment Card Industry (PCI) Data Security Standard is a list of requirements gather to make sure that ecommerce companies which store and process credit card information maintain the desired security within their websites.
There are 4 different compliance levels depending on the number of transactions stored and processed annually and whether the transaction occurred over the internet or within a brick-and-mortar spot.
For example Visa’s PCI-compliance levels are listed as seen below:
- Level #1: More than 6 million transactions annually
- Level #2: 1 million – 6 million transactions annually
- Level #3: 20,000 – 1 million transactions annually
- Level #4: Less than 20,000 transactions annually
There may occur some escalations for ecommerce companies which have suffered a hack previously.
PCI compliance basically forces ecommerce companies to change default passwords on all network elements utilised within the business and setting firewalls between any system that stores and processes credit card information and the internet connection.
Depending on the ecommerce platform provider, some necessary PCI compliance steps may have already been taken care for your ecommerce site.
Once again, PCI compliance is not a nice-to-have and a must-have for ecommerce site that process payments – obviously any active site falls into this category.
3. Maintain solid site security
Picking the safest platform and being in compliance with PCI requirements are great steps towards ecommerce fraud prevention. However, there are still a lot of steps to be taken to make sure that any data or information you store or transfer within your ecommerce site are safe and secure.
For example, make sure that all your checkout URLs have https during the checkout. Or control whether your site still remains under https when you abandon the checkout and return there later again.
Also, straightforward security tactics would also do work for your store’s security. Here, for example, you should update passwords of your network elements on a regular basis.
4. Utilise credit card security codes during transitions
Credit card security codes are the 3-4 digit numbers that you’d see on the back of a credit card.
By asking for these codes during the purchase makes sure that the buyer really holds a valid card in her/his hands physically.
These codes are never printed in any transaction or on any receipt. Therefore, asking for these codes keeps the transaction safe from fraud.
Once the transaction is being processed, the card issuer replies with a response code either confirming or rejecting the provided number’s validity.
Make sure to use these credit card security codes to offer the safest purchase experience possible for your customers.
5. Educate your customers
A transaction is a two sided process where one side of it is your webshop and the other side is your customer. Therefore, while you are working hard to offer a safe and secure experience, it’d be wise enough to ask for your customers’ help.
Making sure that your customers create strong enough passwords for their accounts would really help. The simplest thing that can be done is asking for a minimum number of characters, uppercase-lowercase letters, symbols etc. in the password.
By doing this, each and every password created by your customers will be complicated enough that any fraudulent attempt towards retrieving them would fail.
6. Educate your staff
Security requires team-work, i.e. efforts of a close-knit network of employees.
Setting in-house security compliances like internal password creations, or rules and plans for what to closely watch during transactions or what to avoid.
The team of an ecommerce company must understand that assuring a safe and secure purchasing experience is the back-bone of all operations and must abide with required rules sharply.
Assuring security is a big part of a seamless shopping experience.
Another big part is keeping your promise with the value you offer to your visitors.
Making sure that your prices are competitive in the market is not a simple task when taken care of manually.
We are here to help with that.
Prisync can automatically track your competitor prices and alert you when it detects a change.
NOTE: You can now share your voice in our blog. Prisync Blog now accepts guest blog posts and you can see the guidelines here. If you are already writing on ecommerce, or thinking of it, just reach us out!