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In 9 years, I have seen a lot of cases in which most of the store owners have experienced too
serious issues like payment fraud and hack due to security consequences. Whenever I or my team
offers a consultation to the client, we embark the importance of secure eCommerce website that
to mainly concerning payment security.
In this article, I will be sharing the most important payment security measures to deal
eCommerce security threats. My research and experience always advocate me to share the
importance of the security audits in ensuring the protection of store from all security threats.
1. Partner with a processor who knows online payments
Choosing the right payment processor is a prior step for accepting online payments from the customers
through credit card. Selection of payment processing partner should be done with utmost care as its
experience can help the client to comply with the payment card industry data security standards (PCI
DSS).
All you need is an experienced partner who can give you all-time support and maintains the PCI
compliance for you by implementing various approaches like a training program, Vulnerability
Assessment and full-time customer support. Some processors even reimburse the money for monetary
loss in case of fraud event that occurs through a data breach.
Thus it is extremely important to have a partner who had experience and can even understand
everything about the payment security and precautions.
One of my client name Max from Germany who was having a fashion eCommerce store has faced the
security consequences due to this problem.
Once a person who logged in to his website and made huge order from the same IP address but used
different credit cards. Max was completely unaware of the issue and thus failed to understand the
behaviour and pattern of the customer indicated that single person is using multiple stolen credit cards
to make purchases which lead to serious repercussion.
Large order raises too many doubts and especially the one which was requested for next day Shipping.
But this activity alone is not enough to identify a transaction as fraud.
The system will check if the billing address is correct by verifying it with cardholder’s data from the
issuing bank. As a result person with a stolen card or card number doesn’t have the access to the wrong
billing address.
Incorrect billing address may not necessarily mean that the transaction is fraudulent hence it is
advisable to take additional security measures to identify the customer.
4. The Encryption Approach
Encryption is a method of converting the original message into encrypted text, which should be too
complex to understand and even difficult for a hacker to decode. The main idea of encryption is to
ensure security and safety of the data and its transmission.
Encryption can be done through various techniques but the choice totally depends on the context and
the requirements. Some of the famous techniques in eCommerce are:-
Through the SSL, transmission of data is encrypted, client and server information is authenticated and
message integrity for TCP/IP connections. The protocol is design to prevent tampering of information
and forgery while transmitting data over the internet between interacting applications.
SET is a joint collaboration by MasterCard and VISA which ensures that safety of all parties involved in
electronic payments of an eCommerce transaction. It is designed to handle complex and critical
functions like:
PCI DSS is not a law in itself but a standard made by a collaboration of various branded card company
like Visa, Mastercard, JCB, AMEX and Discover. If your company is not PCI compliant has to face some
serious consequences like fines, card replacement cost, costly forensic audits and off-course lost to
brand image.
As it is said Wise man must always be proactive than reactive because little upfront effort and cost is
required to reduce your risk from serious consequences.
Implementing this safety protocol is moderately easy, but it can efficiently ward off many security
threats.
Thus digital signature helps to maintain the authority and confidentiality of the data.
Conclusion:
I think after snooping through this article you may surely be able to relate your security problems if any
with the absence of any one of this security measures. These 10 measures are like bits and piece of the
eCommerce payment security that needs to be taken care of while developing a website.
The payment system is the most critical part of any eCommerce website. It’s the place where the money
of both the entities is at stake if proper security is not ensured.
If you had been already through any of the security attacks or need any kind of assistance to develop a
secure eCommerce website which can give a boost to your business feel free to write me in the
comment section or can even contact me for the free consultation at Magneto IT Solutions