Your payment processing system has a major impact on your future business. The issue is moving center stage as consumers make a quantum shift in their lives. Right from booking air tickets, to buying clothes and shoes, to banking and paying bills — Internet is changing lives. A new economy is bringing with it, its own share of challenges. Payment fraud is one of them.
With, payments fraud becoming one of the major concerns today, how to ensure that the new purchases on your webstore, are being made by a genuine customer, but not by an imposter with a stolen credit card is the real question here.
According to a recent Norton report, India is among the world’s top five countries for the highest number of incidences of cyber crime. This includes ransomware, identity theft and phishing incidents, among others.
As cyber criminals become increasingly more sophisticated, eCommerce sites, financial institutions, and other businesses need a way to develop trust in the growing number of Card Not Present (CNP) purchases, payment processes (EFT, e-wallet) and other online transactions.
Ensuring the security of online transactions, however, is a challenging task. The global nature of internet has exposed online businesses a target of cyber criminals of all types from all over the world.
According to Aravind, Addl. S.P., UP Special Task Force, online payment card fraud currently counts for 63% of the total retail pay-card fraud. “The major challenge in cyberspace is the anonymity which makes identity tracing a significant problem,” he believes.
While building an eCommerce store, it is important for any merchant to have an answer –
- Which payment gateway to choose, that not only offers a seamless payment expeience but also promises a secure web transactions?
- What further steps to take to ensure that all personal and financial information about the customers and the business remain completely safe and secure?
- How to set up system alerts to screen suspicious activity?
Moreover, building a strong secure website, following compliances, having great systems is not enough — a retailer must also ensure that his employees comply with security measures to protect the business from fraud — right from the back-end.
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