Many transactions are done online and providing security for eCommerce is a challenging issue, because there are a lot of cyber threats, malware, spam, phishing, social engineering, identity theft, etc.. Without ensuring a secure e-Commerce environment, it is almost impossible to gain confidence and trust from online customers. Discover in this article how to protect your eCommerce site from fraud and identity theft.
What is Identity Theft?
According to Identity Theft Wikipedia, “Identity theft occurs when people use other’s personally identifiable information to commit fraud without their consent or knowledge.
If a criminal has a legitimate user’s credentials, they can then hijack that customer’s account. Once they have total control of the account, they might simply execute a fraudulent transaction, such as making a purchase. Sometimes, hackers and fraudsters try to disguise their tracks and prolong the takeover. It can takes many forms:
- Changing shipping addresses
- Adding themselves as a registered user on the account
- Changing the email and password associated with the account
Identity theft accounts for over half of all data breaches in 2015
Gemalto released the findings of the Breach Level Index for the first six months of 2015. The study reveals that data breaches continue to increase with 888 occurring in the first six months of 2015, which has comprised of 246 million records worldwide.
Image from Gemalto’s report.
Compared to the first half of 2014, data breaches increased by 10% while the number of compromised data records declined by 41% during the first six months of this year.
The largest breach in the first half of 2015 – which scored a 10 in terms of severity on the Breach Level Index – was an identity theft attack on Anthem Insurance that exposed 78.8 million records, representing almost a third (32%) of the total data records stolen in the first six months of 2015.
How to protect your eCommerce from Fraud and Identity Theft
Here are some tips you can do to protect yourself:
Follow e-commerce best practices to safeguard your website. This will give customers peace of mind that their data is protected. Best practices can be accessed in « 7 tips to protect your eCommerce from Hackers ».
Invest in a regular, automated backup, either by choosing a cloud vendor or automating a hard disk backup. A lot of plugins for CMS do the job easily. This allows you to restore your site, should anything go wrong.
Set up a cybersecurity solution to secure your eCommerce from hackers and fraudsters. While a skilled hacker can sometimes bypass existing solutions, an amateur hacker will be discouraged and go elsewhere. OZON cybersecurity solution if free to try!
Install an alert system to look for suspicious activity, such as frauds. OZON detects vulnerabilities and malwares, protects against cyber-attacks and identifies fraudulent transactions. All these functions are performed in real time.
Check what measures your web host takes to check for security, as a reputable host will also monitor your website and help protect your eCommerce shop.