Ecommerce payment security is paramount to keeping your business and customers’ financial information safe. Criminals are looking to make fraudulent purchases or exploit security holes in your website code.
As an e-commerce business owner, you can do your part by adopting some best practices to keep everyone safe while shopping on your site. These practices also help protect you from cyber criminals trying to commit identity theft or fraud.
Why an e-Commerce Payment System?
E-Commerce payment systems are the first line of defense in protecting your business against fraudulent purchases. But like any security system, there’s always room for improvement.
A customer will take the time to research a reliable e-commerce provider because this is the platform that holds all of their data. If you’re not committed to security, it may be best to find another provider.
So, we have highlighted a guide on best practices to improve the security of your e-commerce business below.
10 Ways to Secure Your Ecommerce Payments and Protect Your Business
Here are ten small business best practices for e-commerce payment security; read on:
1. Use Trusted Third-Party Providers
Trusted third-party providers such as PayPal and Stripe provide a secure gateway to receive payments. A company can process credit cards without storing that information on its servers, eliminating the risk of data breaches and identity theft.
These providers offer various levels of security, so it is essential to research each option before deciding which one is right for your business. Some providers provide fraud protection or PCI compliance, while others may require anti-fraud measures, such as best payment processors, before allowing you onto the network.
Choosing a provider that works best with your business size and budget requirements is essential.
2. Secure Your Website
Start by getting an SSL Certificate to encrypt your website’s connection. Then make sure that you use Secure Sockets Layer (SSL) encryption on your checkout page so that no one can intercept sensitive information being sent to and from your site.
Later, consider installing firewall and virus protection software on your computer. This software will help prevent hackers from accessing your files and protect you from viruses that may steal data or harm your computer system.
Additionally, it is always a good idea to have a contingency plan in an emergency such as natural disasters or cyberattacks. For example, knowing where you store backups of critical data and the steps needed to restore it can save valuable time in case of an emergency.
3. Use Strong Passwords
Strong passwords are a basic but effective way to protect your accounts. Choose passwords that are at least 12 characters long and contain numbers, symbols, and letters.
Consider using a phrase that is memorable but difficult to guess or crack (e.g., Ilovesportstoo).
Password management systems such as LastPass make creating and storing strong, unique passwords easier. You can store all of your usernames and passwords on the password management system in one secure place so you won’t forget them or have them compromised if one account is hacked.
4. Use Two-Factor Authentication
Many online businesses are at risk of fraud, with the average cost of a data breach costing companies $4.3 million. Fortunately, there are many steps you can take to reduce your risk and make your customers more secure.
One of the most important is using two-factor authentication on your e-commerce site. Two-factor authentication is an additional security layer that requires a user to enter information from their phone in addition to their password when logging in or to access sensitive information.
When used correctly, it helps prevent unauthorized access to accounts and protects against things like phishing attacks and man-in-the-middle attacks. Implementing two-factor authentication can also help you avoid PCI DSS compliance errors, which could cost thousands per day per violation.
5. Encrypt all Customer Data
Encrypting your customer data will help prevent unauthorized access to private information, which could lead to theft of that information or identity fraud.
Use strong encryption algorithms like AES-256 with a key length of 128 bits or greater to encrypt customer data and make it unreadable without the proper key. Always use an approved encryption algorithm because some are more vulnerable than others.
6. Protect Physical Hardware From Tampering
Locate your hardware in a secure space with limited access. Keep your hardware in its original packaging when you’re not using it, and store it where it will be safe from tampering.
Keep your business documents and customer data as safe as possible by storing them on separate devices offline or behind a firewall. If possible, use a device that can’t be accessed remotely to process payments, so there’s no opportunity for hackers to gain access to sensitive data over the internet.
7. Run Regular Tests on Your Site to Identify Flaws
Conduct regular testing on your site to identify flaws in your e-commerce security system. These tests include testing the security of your checkout process and payment gateway.
Monitor fraudulent credit card charges by running monthly or quarterly reports from your credit card processor. Only store customer data you need to complete the transaction, and be sure to delete it as soon as you’re done using it.
8. Keep Software Up to Date
It’s important that your website visitors feel safe when they’re shopping online. That includes providing them with clear notice that they’re on a secure website, offering them the option of entering credit card information over a secure connection, and displaying trusted company logos.
Update your software regularly to stay up-to-date with security patches. So you can be sure it’s not vulnerable to security breaches or bugs. Get in touch with your web hosting provider about any recent updates or announcements about malware attacks on their servers because this could affect you too.
9. Watch out for Email Scams
It is also important to watch out for phishing scams. When emails come from people asking for personal information, like passwords, be careful before giving anything out over the phone or via email. Never click on links in suspicious emails; instead, use bookmarks on your computer that redirect you to trustworthy sites.
Finally, ensure that when creating online forms (for example, contact forms), customers can enter their names without having to enter any other personal information. So, someone cannot find personal info by just entering one field.
10. Using Social Media Accounts to Log in
One of the best ways you can protect your customer’s data while they shop is by allowing them to log in with their social media accounts. This way, if someone gets ahold of the customer’s email address or password, they will not have access to any additional information.
If you do this correctly, your customer will never need to create an account or remember a username or password. It is also helpful for customers who may not have a credit card or PayPal account as it allows them.
Online retail sales are on the rise, and consumers are doing more than ever to protect their personal information and data from falling into the wrong hands. Ecommerce businesses need to be aware of this changing consumer behavior because their customers expect them to have security measures in place. They need the above-discussed measures to protect sensitive information like credit card numbers and purchase histories – even if the data never leaves their computers or mobile devices. By following the listed ten e-commerce security best practices, business owners can help ensure that they’re doing everything they can to secure payments and protect their customers’ sensitive information.