E-commerce continues to thrive with every passing year, and there are no signs of it slowing down any time soon. Thanks to the growing number of tech-savvy customers across the world, more and more brands are bringing their products and services online to boost revenues. However, with the ever-growing popularity of e-commerce sales, concerns regarding the security of online payments are imminent. Security is, and should always be the priority when selling products or services online. Customers are extremely wary of any compromise of their personal data, and will quickly stop buying from e-commerce portals with the slightest indications of breached payment systems.
What’s driving the demand for payment security?
According to a recent study conducted by Netscribes, more than 60% of consumers across the world believe that merchant websites are incapable of securely storing sensitive information and these consumers also do not exude much confidence in the overall security of online retail stores. Moreover, the rising penetration of smartphones, acceptance of wearable technology, and access to different payment technology solutions are predicted to further drive the demand for enhanced payment security solutions across the world.
Security measures that brands need to adopt
When setting up an e-commerce website, businesses should ideally consider these steps to ensure optimum payment security on their online stores:
- Partner with an expert payments processor - Choosing the right payments processor is arguably the most important step that businesses can take to safely and securely accept payments online. Selecting a payment processing partner that emphasizes on security, and is highly experienced in helping businesses comply with Payments Card Industry Data Security Standards (PCI DSS) is the key to securing the online payment gateway for any business. An experienced payments processor offers comprehensive support on meeting and maintaining PCI compliance through system vulnerability checks, training programs, and customer support.
- Be wary of suspicious purchase activities – For an e-commerce business, it is imperative to always be aware of fraudulent activities on the website. For example, you should be on your toes if you find your online store receiving several orders from a single IP address, but through different credit cards. This pattern could suggest that a single fraudster is using multiple stolen credit cards to make purchases from your website.
- Integrating the address verification system (AVS) for online sales - For an e-commerce store, it is extremely difficult to know whether or not the person buying the product is genuinely the cardholder. In order to help prevent fraud, online businesses should always use AVS in the website to check whether the billing address is correct by verifying it against the cardholder’s data from the issuing bank.
With the increasing number of e-commerce users and transactions across the world, it is important that businesses are aware of the security protocols for these websites to avoid fraudulent activities. Netscribes’ report on the global payment security market suggests considerable adoption of payment security solutions across the world to tackle the growing number of fraudulent activities on e-commerce websites.