The growth of the e-commerce industry has increased the reliance on electronic payment systems. An increasing number of consumers are realizing the convenience that e-transactions can bring. As a matter of fact, more than two billion people purchased goods and services online last year.
Despite this, consumers remain vulnerable to a variety of risks. Amid the popularity of contactless payments, data security has become a serious concern for retailers, financial institutions, and large brands. Today’s hackers are more than capable of stealing data, so it’s important for businesses to adopt the right solutions for improving consumer security. Here are a few ways that entrepreneurs can use to secure online transactions.
- Introduce two-factor authentication
If you have a web platform that requires customers to sign up for an account, you will need to provide the right features that prevent the risk of account hijacking. Apart from encouraging customers to use stronger passwords, you may also suggest activating two-factor authentication or 2FA. That way, hackers won’t be able to access accounts even if they have stolen passwords. With 2FA, a customer can be notified if someone is attempting to access their account.
- Encrypt all data that comes in
Cybercriminals use a variety of means to intercept information that’s shared throughout a transaction. Preventing this will require data encryption. This process involves turning information into an indecipherable jumble of symbols. Everything can be encrypted on an e-commerce site, including credit card numbers and other sensitive customer information. To get started on this, consider obtaining an SSL certificate for your website. You can also encourage customers to use digital wallets to increase payment security.
- Use card scanners for contactless payments
If you want to provide customers with an easier way to pay for their orders online without sacrificing security, a credit card scanner can help provide a safer way to enjoy contactless payments. Through this technology, customers will only need to scan their credit cards so they won’t have to type their information. Hackers can use keylogging software to capture every detail your customers type, so a scanner helps them steer clear of such a risk. It also works for physical transactions. With a card scanner, you eliminate the need to store credit card information in payment terminals.
- Get a PCI DSS certification
The best way to equip your business with the right features for enhancing data security is through PCI DSS compliance. The PCI DSS (or the Payment Card Industry Data Security Standards) is responsible for improving the way businesses secure online transactions. These standards are designed to help you determine how at-risk you are of a potential data breach.
By using the PCI DSS as your benchmark, you can focus your time and resources on protecting your business and your customers from online threats. What’s more, getting a PCI DSS certification also enhances trust, so you will need that to let your customers know that they’re in safe hands.
Are you migrating your business online or improving your e-commerce operations? Consider these five tips that will give your customers peace of mind as they browse your products.
Author | Emily Forbes
An Entrepreneur, Mother & A passionate tech writer in the technology industry!