A popular and dangerous form of cybercrime, social engineering attacks, affects businesses all around the world. Due to insufficient data protection, the side effects of a global pandemic, and an increase in exploit sophistication, websites have been hacked and breached extensively.
A cyber breach occurs at least once a month at 18% of UK companies, according to Statista. Businesses also reported £2.35bn losses to fraud during 2020-2021, with cheque, plastic card, and bank account fraud being the most prevalent.
Companies must make cybersecurity awareness, prevention, and best practices a part of their culture in order to successfully fight malicious intent.
The most common eCommerce attacks
Online stores are subject to a number of threats like hacking, misuse of personal data, monetary theft, phishing attacks, unprotected provision of services, and credit card fraud. Below we’ve listed a few common challenges that online businesses often face:
1) Distributed guessing attacks
According to recent research, it takes just six seconds to crack the average payment card. A laptop and an internet connection are all that fraudsters need to identify the card number, expiration date, and CVV.
2) Credit card skimming
POS systems need to be able to conduct business transactions and record them with timestamps. They should also perform other important functions, such as helping you manage everything on the move: sales, refunds, reversals, gratuities or phone payments. For your business to run efficiently and seamlessly, these devices should be designed with convenience, security, and simplicity in mind.
3) Backdoor viruses
Hackers are trying to breach Visa and Mastercard’s security with backdoor viruses. Credit card skimmers or web shells based on JavaScript are used to hack into online stores. As soon as the scripts are deployed, they are able to steal payment and personal information submitted by the online store’s customers and send it to servers controlled by them.
Top tips to avoid having your payments system hacked
There is no denying that the better your security protocols are, the better your brand will uphold its reputation and earn the trust of its customers. We’ll have a closer look at these features in detail so that you don’t have to worry about any security issues with your eCommerce site.
Use 3DS2 for your payment process
Payment authentication technology 3DS2 protects cardholders from unauthorised use of credit or debit cards. The issuing bank evaluates fraud risk after consumers enter their card details to confirm payment to an online merchant based on up to 15 basic data points. Consumers are required to enter a password to verify their identity if the bank deems it risky.
Choose a payment gateway with 24h support
Having different operating hours than the technical team of your payment provider can present a major problem. The need for 24/7 support is absolutely paramount, especially when dealing with fraud. There is nothing worse for your business than wasting hours upon hours waiting for support because it is closed for the day.
Build a great relationship with your bank
Work with your bank to learn about unauthorised transaction protection programs. You can protect yourself from fraud by using services such as call-backs, device authentication, multi-person approval processes, and batch limits. Ask your bank to contact you about unexplained account activities and block funds.
Keep your website updated
You are vulnerable to attacks if you use outdated HTTP protocols. Make sure your browser is using HTTPS, which displays the trustee green lock sign next to the URL bar. To complement this, use complex passwords for your server and admin panels and enable panel notifications every time an unknown IP attempts to log in.
Protect your eCommerce transactions from fraud
The last thing you want is to make a mistake that could cost you your business. It is therefore important to invest in eCommerce security as much as you do in its marketing and web design.
You can improve security and reduce chargebacks with TRU Connect – enhanced 3D Secure 2 is also standard on our eCommerce solutions.
If you need any more advice concerning eCommerce security, get in touch today.
