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Fight Online Fraud

Jan 1, 2013

Nine out of ten online merchants may be vulnerable to credit card fraud, according to a survey by SignatureLink, an online security firm, and payment industry communicator The survey found that only ten percent of websites surveyed require shoppers to accept the terms and conditions of payment to the site via e-signature, vocal consent or a physical signature. Agreement to site terms and conditions along with data breaches are areas of focus for ecommerce businesses that process payments online. Storeowners must protect themselves from "cybershoplifting," whereby, following the receipt of goods, thieves dispute purchases with their credit card issuers, causing financial and product loss to online merchants.

As a result, 65 percent of those surveyed are opting to use 3-D Secure, which is the authorization platform branded as "Verified by Visa" and "MasterCard SecureCode," and plan to enlist other security platforms as soon as possible. Meanwhile, online merchants are offered a number of tactics to help prevent cyber theft and protect their assets.

  • Know what is happening on the network. If a network incident occurs, it is essential to be able to trace the breach and detect if any sensitive data was stolen. Network recording devices establish a timeline of activities and provide forensic evidence, should a merchant need to prosecute.
  • Beware of holiday e-cards and other unknown emails that may contain spyware, malware and Trojans. Downloading these free applications to office computers can create vulnerable areas in the network and encourage cyber criminals to take action.
  • Review the store's business liability insurance coverage to understand what costs are covered in the event of theft. Extra coverage for the company's credit card processing system can prevent merchant account suspension in the future.
  • Maintain current compliance with Payment Card Industry Data Security Standards (PCI-DSS). Perform a daily log review, weekly file monitoring, quarterly vulnerability scanning and annual testing on the entire system.
  • Frequently change administrative passwords on all point-of-sale systems and processing accounts to prevent hackers from guessing passwords.

Retailers can decrease their vulnerability to cybercrime. By taking stock of their security practices, and putting some simple safeguards in place, online retailers can protect customers and their assets as well.

Topic: Business Strategies

Related Articles: Online Fraud  PCI compliance  Cybercrime 

Article ID: 1685

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