Payment frauds involving credit cards and digital wallets accounted for 92% of all customer frauds reported in 2022. Both businesses and domestic e-commerce shoppers need to be especially vigilant about cyber dangers when collecting online payments from clients.

Your business can face financial and legal repercussions if a customer’s information and funds are stolen. You must implement a secure payment system for your company in order to prevent this.

Online Payment Security: What Is It?

Processes and procedures used to protect financial transactions, funds, and customer personal information from risks including online payment fraud, unauthorized access, and data breaches are referred to as online payment security.

Which three fundamental security concepts apply to e-commerce? Online retailers should take into account the following primary e-commerce security principles:

• Confidentiality: Consider it the safeguarding of secrets. It entails making sure confidential information, such as credit card numbers, is protected from prying eyes. We accomplish this through access limits and encryption.

 • Integrity: You want to be sure that a letter you are sending doesn’t get tainted in transit. Integrity is about making sure that transactions and data are correct and unaltered. For every online business, we verify this using tools like digital signatures.

 • Availability: Picture the ease of knowing that your preferred online retailer is always available and prepared to serve your requirements, much like a real store that is open around-the-clock.

Research, Research..

Make a hobby of researching every ecommerce platform before you can even dare to provide them your personal data. Ensure that the platform is not scammy and has a good reputation online with positive customer reviews.

Use Unique Passwords and Two-Factor Authentication

Never underestimate the power of creating a unique and complex password to safeguard your e-commerce account. Use a blend of special characters, numeric, and alphabets. Also, do not maintain your account with the same password for months or years.  

An effective defense against major cybersecurity threats must include two-factor authentication (2FA). When communicating with suppliers, social media, financial institutions, or other platforms where your company has an account, 2FA, commonly referred to as multifactor authentication (MFA), is essential.

Sensitive customer information and private company data are at risk if a cybercriminal manages to access your accounts. Ask for 2FA or MFA if the vendor you work with doesn’t offer it, or look for a more secure supplier.

With 2FA, you can quickly determine whether someone is trying to access your account and take appropriate action, such as changing the password, to protect it.

Explore Secure Platforms And Payment Providers

The best e-commerce sites are run by well-known companies with state-of-the-art security protocols. Although secure payment methods are never inexpensive, they are a crucial part of your cybersecurity budget. By safeguarding your consumers and reputation, secure e-commerce platforms may end up saving you money.

Utilize Only Safe Payment Strategies Online

It’s no surprise that every time you use you provide your debit card details to online merchants or even dating sites, you’re running a risk. Instead, capitalize secure methods such as:

• PayPal
• Google Pay
• Or Apple Pay
• Credit Cards (from virtual banks)  

These platforms provide secure online forms with integrated security.  

Never Save Your Payment Info on a Platform

You may think it’s a piece of cake to shop next time with your personal information already stored inside your favorite ecommerce site. Nope! That will only put you in danger because hacking of that website can wipe out all of your stored funds. So, just erase all the information right away from a variety of sites you use for online shopping. It’s a life saver!

Use Credible URLs and Websites with HTTPS Security

Here’s a vital tip. Gone are the days of “http” when internet was not as safe as it is today. Only choose an ecommerce platform that has a universal resource locator (url) starting with “https.”

Never Stay Logged Into an eCommerce Website

After you’re done shopping, it’s time to LOGOUT. This little wise step will save you from a lot of hurting and pain and avoid any fraudulent access to your account. And that includes a friend or a family member having access to your computer or phone.

The Last Resort: Report Unauthorized Activity or Access to Your Account

Unfortunately, if experience such as bad luck and feel hopeless or depressed, the best thing to do is to stop worrying and start acting. A compromised account holder should immediately call their bank and freeze their credit or debit cards to avoid further funds washing out.