Your business is more vulnerable than you think. As technology becomes more sophisticated, so do fraudulent schemes. Companies that run their operations online must prioritise their website security—and this especially goes for those in the e-commerce industry.
The big, wide world of the Internet means you are exposed to many elements. Yes, you’re able to connect with your customers through your website, but you are also opening your doors to hackers and scammers. To fraudsters, your e-commerce site is a tempting target!
Higher Stakes, More Risks
Consumer trust is essential for any business, but even more so for e-commerce companies. The Internet is full of uncertainty; to reduce that uncertainty and to get your potential customers to buy, you need to gain their trust. Creating a reliable relationship with your customer encourages them to purchase from you and makes them feel assured that the business transaction remains secured and private.
If you fail to protect the information your customers entrusted to you, everything could all come toppling down—the trust you built up is destroyed immediately. One security breach can lead your business to a financial crisis and ruin your reputation, just like that.
A Fraud Magnet
With increased dependency on the Internet, the number of online shoppers increases. Although this is a good thing for your e-commerce business, this is not a cause for celebration—but a reason to become even more vigilant!
When you do your business purely online, you become more susceptible to cyberattacks because you process personal data, such as credit card information, email addresses, and passwords. Your customers have left their private information to you—and it’s up to you to ensure that no unauthorised person gets ahold of them!
Common E-Commerce Fraud Schemes
With e-commerce businesses comes cybercriminals; instead of feeling safe, you must always expect an attack. Don’t disregard the dangers of fraudulent schemes online! If you don’t want to lose money and customers, you need to keep an eye out for these fraudulent online transactions:
Phishing involves deceptive emails sent by cyberthieves. These emails contain a link to a website designed to look like your e-commerce site, so they can lure consumers into giving away confidential information and taking their money.
Credit Card Fraud
Credit card fraud in e-commerce occurs when the cybercriminal uses a stolen or fake credit card to pay for your product or service. This leaves you without payment for the order made. Purchases of this type are usually small and low-risk orders, but they can still have a significant impact on your business.
Hackers may install harmful software on your e-commerce site and infect it with a virus. This virus could have the ability to steal all of the private data you have, control your network, and gain access to more information from your system.
How to Counterattack Against Cyberattacks
Your e-commerce business may be more susceptible to cyberattacks, but this doesn’t mean that you can’t prevent them from happening. As an online merchant, you need to fight back and protect your consumer’s data.
To prevent any data breach, you should invest in online brand protection and fraud intelligence. Upgrading your site’s security will ensure that no out-of-the-ordinary transaction slips by you. When your brand is protected, you can run your business without any problems, increase your sales, and further nurture your relationship with your customers.
Don’t leave your e-commerce business vulnerable! Even if the e-commerce industry is booming, you can’t forget to protect your confidential information from cybercriminals. Prevent fraudsters from gaining unauthorised access by investing in online brand protection so that your business can grow.
Upgrade your site’s cybersecurity with the help of FraudWatch International! We are the international leader in online brand protection, offering solutions for preventing phishing, malware, as well as social media and mobile app impersonation. For almost twenty years, we have been protecting client brands online from threats. Enquire now to learn more!