Editor’s note: This is guest post by John Stevens who loves to code websites, and improve their UX.
With major leaks and fraudulent transactions on the rise, online security has become a serious topic for consumers and online businesses – with consumers worried about their online data being nabbed by malicious hackers everywhere, and online businesses concerned about lost revenue.
PYMNTS.com, an authority in payments and commerce, discovered there has been a major increase in online fraud transactions. Online fraud has jumped a significant 11% since the shift of these fraudsters online. Digital goods retailers were victimized by these fraudulent operators.
According to a report by CreditCards.com, fraudsters have now “optimized” their stolen data. Before, all they cared about was the means of getting purchasing power from stolen credit card data. Nowadays, they have taken things up a notch; they’re also stealing account information that enables to them to do more than just counterfeit transactions online.
Once your account gets hacked through the information you previously provided, it will be easier for these people to continuously hack through all your information online. For example, using a weak payment gateway can get your account susceptible to fraudulent activities. It will be easier to log in your personal accounts and purchase things you don’t even need. Accruing loyalty points is their main objective; they can collect the rewards and gift certificates that will help them get what they want.
This can all start with a malware you accidentally downloaded, or a site-wide leak similar to Spotify’s mishap. Which is why in this post we’ll outline what you can do to protect your e-commerce checkout from fraudulent activity.
Fortify Your E-commerce Checkout
E-commerce sites are the easiest websites to target, especially small businesses that cannot afford premium shopping cart gateways. There are times that these small businesses, no matter how good their business model is, neglect the fact that maintenance is one of the primary things you have to do when you own a website. Website security is another thing that’s often overlooked by these businesses, as most of the people act on security issues only when they experience a problem or security breach.
Trusted payment systems provide you with an easy to implement code, secure solution, extensive payment methods, and online support. Sounds easy right?
How to Secure Your Checkout System?
So, how do you secure your checkout system? Read on and check out our tips for a more secure payment system that will keep you safe from online threats and fraud reports.
Choose an e-commerce platform with PCI DSS Compliance
Don’t just sign up for a normal shared hosting server; opt for a hosting service provider that provides e-commerce hosting solutions. E-commerce hosting providers usually are PCI DSS compliant – if ever you find a company that does not offer PCI DSS compliance, do not sign up with them.
Complying with the Payment Card Industry Data Security Standard (PCI DSS) should be an automatic feature of every e-commerce hosting platform. This means that your website automatically adheres to the most rigorous online security standards to keep your clients’ information safe in the internet.
A PCI DSS-compliant site is hosted on a secure network, with cardholder data protection, virus protection software, strong access control, strict information security, and regular monitoring. These are the qualities that you should look for in an e-commerce hosting provider.
Find an online payments provider focused on fraud protection and UX
While having a secure e-commerce hosting provider gives you the assurance that your site is secure, you should invest on another layer of security, possibly an online payments provider that’s focused on integrating fraud protection.
Fraud checks, updates and verifications are essential to ensure all systems are protected, and meet the latest industry standards. PAYMILL offers proven safety measures that protect your transactions online.
For example, PAYMILL counter checks transactions against global black-lists for authenticity and integrity. They are PCI DSS compliant, thus offering industry grade security services for their clients and their data. Also, with 3-D Secure enabled by default, transactions go through an extra layer of security to ensure fraudulent activity is kept to a minimum.
Sign up for a Fraud Management System
If all else fails, a Fraud Management System will be the best resort for unclaimed fraud reports. They have the tools and the expertise to detect fraud faster than manual fraud tracking. E-commerce patronage is on the rise, and there’s no doubt that in the following years, online buying and selling will be patronized.
In return, online fraud statistics will continue to rise as well. Fraud attempt rates by value have increased by 33 percent compared to the same period in 2014. If you suspect that there is some fraudulent activity within your website, you can call for a fraud management system so that they can arrange a schedule and meet with you about their website.
It is important that you value security for your clients’ sakes in owning a website. Data leakages can and will happen, especially if you’re not careful with your website. All it took for the Panama Papers to be released were old versions of WordPress and Drupal. Online security is a factor that will be taken into consideration in the future, especially if a new wave of fraud reports or security compromise is on the news.
And there’s PAYMILL. Who has a proven track record that verifies their tough security implementation across the websites that they handle. If you’re still looking for a payments provider that’s easy to implement but keeps fraudsters at bay, then PAYMILL is a good choice.
About the author
John is a huge fan of WordPress & design. He loves to code websites, make them visually appealing as well as improving them UX wise. When he’s not grooming his beard, John is working hard to get more visibility and traffic to Hosting Facts, home to unbiased web hosting reviews.