Whenever someone shops online, they are exposed to a myriad of risk factors like data leakage, fraud transactions, phishing attempts, etc. therefore, it’s crucial to ensure that customers feel safe when shopping online while getting the best possible experience.
Online businesses that accept digital payment methods are constantly at risk of cyber frauds, hacks, and data theft, so businesses always need to stay one step ahead of the curve to ensure the integrity of client data and a secure payment gateway by taking measures that can thwart the attempts of would-be cyber frauds from fructifying.
Here are 5 tips that can help online businesses secure their online transactions!
Compliance with Industry Standards in Security
PCI DSS is an industry-standard in security designed to offer unprecedented levels of safety and security to consumers whenever they shop online. The main goal of the system is to reduce the risk of credit card fraud.
There are 6 goals that PCI DSS is designed to achieve:
- Protecting cardholder data
- Maintaining the vulnerability management program
- Testing and monitoring the network
- Providing a secure network and system maintenance
- Maintaining an information security policy
- Putting in place strict access control measures
PCI DSS compliance is mandatory in India and therefore, online businesses should always comply with this requirement to give customers a safe and secure payment platform.
Payment Page Encryption
An SSL certification is a must to secure the online presence of a brand or business. Pages with an ‘HTTPS” affixed in the address bar are an indication that the website one is on is genuine and not a clone of the original site.
This eliminates the risk of phishing and spoofing attempts to fool customers into divulging their sensitive financial information to fraudsters. When it comes to securing the payment page, signing up for an Organization Validation or Extended Validation SSL certificate can help businesses carry out high-volume transactions with minimal risks.
Fraud Prevention
Having a proper fraud prevention system that can identify and neutralize threats is one of the most important steps a business can take to secure the online experience of both the customer and the business. Generally, businesses and customers are frequently exposed to two types of fraud.
- Identity Thefts: From credit card information to personal information, fraudsters are constantly on the lookout for any loopholes that they can find to get their hands on this information. Therefore, it’s critical that such attempts can be thwarted to protect data integrity.
- Chargebacks: Fake chargebacks can cause a lot of monetary stress on businesses. Sometimes, customers may request a refund even after receiving the product. Therefore, a business also needs to protect itself from such false claims.
Implementing Two Factor Authentication
Two-factor authentication has emerged as one of the best ways of tackling cyber-crime, from emails to OTT platforms; every platform is using it. By requesting the customer to verify the transaction using a randomly generated OTP which is shared with the customer via email and SMS, businesses can avoid fake transactions, even if the fraudster has the card information, as they would also need the OTP for the transaction to go through.
Implementing Tokenization
Tokenization helps hide credit card information by replacing it with randomly generated numbers. Since the tokenization process is irreversible, so once the card information has been tokenized. This prevents fraudsters from ever getting their hands on a customer’s card information while giving customers a safe and secure transaction environment.
We hope these 5 tips will help your business implement more security measures to give customers the safety and security they need while increasing the business’s reputation among consumers.
So, in case your business is yet to implement either any or one of these measures, then it’s high time to make your brand or business more secure to increase its sales and revenue!
