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4 E-Commerce Fraud Protection Tips For Shopify Stores

A person in a hoodie utilizing a laptop for DTC marketing.

Shopify e-commerce sites are essential for startup businesses that want to establish and promote their brand. They offer round-the-clock access to buyers, enable quick online sales, and have a big potential for small to midsize businesses to grow.

However, as fast as it’s for business owners to build an e-commerce website for their business, it is easy for them to fall victim to hacking and fraud.

If you run an ecommerce business, you must protect against fraudsters who can steal from you, wreck your company’s reputation, or hurt your revenue. Here are some of the best ways to protect your e-commerce business from fraud and hackers. 

Implement multi-factor authentication protocols

Strong password requirements on your clients’ accounts can help minimize fraudulent activities. The stronger the password, the more difficult it’s for bad actors to break into a client’s account. However, safety is not guaranteed, and demanding safety requirements makes it easy for friction to be increased.

Fortunately, with multi-factor authentication, your e-commerce business can better verify that a user has access to devices connected to their account. MFA uses two or more factors to authenticate a user’s digital identity before allowing them access to an online account. You can visit riskified.com to learn about the most effective MFA for your e-commerce platform.

Ensure PCI compliance

You must be PCI compliant if you run an online business that accepts credit card payments. Payment Card industry standards for compliance are created and managed by the PCI Security Standards Council to ensure the security of credit card transactions in the payment sector. Being a PCI-compliant e-commerce merchant ensures you protect clients’ credit card information per the latest industry standards. This increases customer trust as well as sales output.

Perform regular site security audits

An e-commerce site regularly gathers customer information, such as names, passwords, email addresses, and credit card numbers. However, this sensitive data can cause much harm if it gets into the hands of cybercriminals, and holding such information puts your e-commerce website at high risk of cyberattacks. Implementing strong security measures to protect your site and clients’ data is essential.

One of the best ways to do this is to conduct routine security audits on your e-commerce site. A site security audit helps evaluate your ecommerce website’s elements to identify potential vulnerabilities and loopholes that cybercriminals might use to attack and exploit the site.

Keep your system updated

Cybercriminals exploit any system, software, or website vulnerabilities to gain access to sensitive data about a business. They are brilliant at finding bugs and other escape clauses, so it’s essential to keep up to date with the latest system version available.

Updating your system offers improved security and functionality for most sites since it fixes the bugs and patches up vulnerabilities. Most e-commerce websites release frequent patch updates, so get them as soon as possible to reduce the risk of e-commerce fraud.  

Summary

Fraudsters are becoming more sophisticated in how they attack e-commerce businesses, and the number of cyberattacks on online stores is increasing as e-commerce grows in popularity. However, online merchants are also getting more polished in detecting and preventing online criminals. Follow these practices to protect your business and customers, and consider using tools such as Wix ecommerce or Ecwid to do the work for you. 

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