Cybersecurity is one of the most important ecommerce features. Without the proper protocols, online store owners put themselves and their customers at risk for payment fraud. Even small stores that cater to a niche audience can find themselves at a heightened risk if they leave gaps in their online security. In fact, smaller stores face the greatest threat from cybercriminals because of insufficient Internet safety. Small stores still have a large amount of sensitive information. One in 5 small online businesses falls victim to fraud every year, and 60 of these stores are forced to close within six months (1). Not only is hacking a huge risk for online retailers, but accepting a fraudulent payment is dangerous as well because owners will have to refund the charges.
Outside of financial consequences, data breaches harm an online store's reputation. Loyal customers are reluctant to continue shopping at an online store that put their information at risk in the past. Using the right tools minimizes the risks of fraud.
Most ecommerce software platforms have a number of built-in security features. Being prepared for risks is a crucial part of mitigating online threats. Here are some ways online store owners prevent payment fraud and data breaches:
Security is crucial for running an online business.