It is undeniable fact that e-Commerce security threats are causing havoc in online transactions. e-Commerce businesses have to answer to their customers and employees if that data is compromised.
Many customers today choose online shopping alternatives over traditional shopping methods. Unfortunately, this steady rise in the e-commerce market also means more exposure to e-commerce security violations. Companies are vulnerable to e-Commerce security threats because such businesses typically store customers’ following information:
- Bank account and credit card information
- Email addresses
- Mailing addresses
- Usernames and passwords
If you fail to perfect your e-commerce security, you become vulnerable to these breaches. They compromise sensitive customer data and you suffer the loss of sales, customers’ trust, and your brand’s reputation.
There are just so many e-commerce frauds that are plaguing the industry currently. In this blog post, we have tried to list down the common e-Commerce security threats.
Ever since the first online businesses entered the world of the internet, financial fraudsters have been giving businesses a headache. There are various kinds of financial frauds prevalent in the e-commerce industry, but the two most common of them are.
- Credit card fraud: It happens when a cybercriminal uses stolen credit card data to buy products on your e-commerce store.
- Fake return & refund fraud: The bad players perform unauthorized transactions and clear the trail, causing businesses great losses.
It is one of the common e-Commerce security threats. In this attack, a hacker sends deceptive emails disguised as an email from someone or an organization that you know in an attempt to get you to reveal your login details.
However, any e-commerce business owners aren’t aware of how much of a threat phishing poses to their business, yet it is consistently one of the main ways hackers take over e-commerce sites.
It might be a good idea to learn how to identify phishing attacks and train your employees also to prevent your e-commerce business from being compromised.
Some bad players can send infected links via email or social media inboxes. They can also leave these links in their comments or messages on blog posts and contact forms. Once you click on such links, they will direct you to their
Apart from lowering your website security, spamming also reduces its speed and severely affects performance.
Distributed denial-of-service (DDoS) attack
A DDoS attack is intended to take down your website by overwhelming your servers with requests. In a DDoS attack, requests come from hundreds or thousands of IP addresses that likely have also been compromised and tricked into requesting your website over and over.
A DDoS attack overloads your servers, slows them down significantly, or temporarily takes them offline, preventing your customers from accessing your website and completing orders.
Some attackers develop special bots that can scrape your website to get information about inventory and prices. Such hackers, usually your competitors, can then use the data to lower or modify the prices on their websites in an attempt to lower your sales and revenue.
Hackers may design malicious software and install it on your IT and computer systems without your knowledge. These malicious programs include spyware, viruses, trojan, and ransomware.
The systems of your customers, admins and other users might have Trojan Horses downloaded on them. These programs can easily swipe any sensitive data that might be present on the infected systems and may also infect your website.
SQL injections are generally regarded as the most common form of cyber attack today, and e-commerce businesses aren’t exempt.
These attacks involve hackers trying to gain access to your e-commerce site by injecting malicious SQL commands into existing scripts that your site needs to operate. Once successful, this changes how your site reads key data and allows the hacker to execute certain commands on your site or shut it down at will.
Your e-commerce business is only as robust as the security systems you put in place to protect it from being hijacked by malicious hackers. Taking steps to secure from e-Commerce security threats will go a long way to protect your e-commerce business.
A secure online store promises optimal customer experience which obviously leads to an increase in sales. Moreover, it lets you build a positive rapport with your customers. Ensure your processes are streamlined with the best e-commerce tools for your business.
Also read: Know Why FinTech Solution Is Important In The Financial Sector