Learn About Security Issues in E-commerce
Some people still hesitate to use their credit card for payments online. They also tend to run away when prompted to share bank details on a website. This type of fear exists for many, despite our modern society requiring us to use our credit card online on many occasions. In fact, many people don't have a bad experience with online credit card payments at all, yet still, proceed with caution.
Why People Fear Financial Fraud Online
One of the primary sources of fear amongst general folk is that that fraud seems to be all around us.
When we hear of the websites of the best of companies getting hacked all the time, it's easy to raise an eyebrow. For example, Sony and Google, two of the largest tech giants, both have been targets of hacking in the last 10 years. Thus, the thought is, if these huge companies cannot protect themselves, how can we? There is no doubt that being afraid of online fraud is a very legitimate fear.
In fact, one could say that fraud is always among us. Be it the constant flow of emails from a Nigerian general who would like us to help him get to a large fortune, or phishing emails that try to get you to share bank account details or email passwords, fraud is sadly commonplace. Although our society is learning how to develop ways to prevent these blatant criminal attempts, there is a relentless underlying worry that someday it will happen to you.
Thankfully, in some countries, the laws regarding intellectual property as well as online fraud are quite stringent and well established.
However, there are some cases in which the fraud originates from a territory that is well known for just the opposite. This begs the question about which courts would approach in such a situation.
Ways Security Flaws Could Derail Ecommerce
Security is the main concern when it comes to e-commerce. Since financial transactions are the backbone of e-commerce, if not the entire purpose of it, any hesitation on the part of the customer when it comes to making online payments could spoil the e-commerce party entirely.
Surely, this is an issue, as many consumers depend on these acceptable modes of payment to quickly exchange services. As a matter of fact, 79 percent of Americans shop online, according to a 2016 study from Pew Research.
One large security issue surrounds the problem of anyone being able to spring a security leak. It is not just about an e-commerce website getting hacked– the fire could start in any corner. Here are several ways a hack can take place:
- The payment gateway
- An infected user-computer that could bring in malware
- A shopping cart software provider that is exporting vulnerability into your environment
The Solution to the E-commerce Security Tangle
The use of SSL (Secure Sockets Layer) or two-factor authentication are two large ways to help make the web a more secure place to create transactions. Regardless, technology is not the final solution. Because security issues in e-commerce threaten to derail a sunrise industry, everyone has to participate in making the Internet more secure. These include but are not limited to:
- Technology developers
- E-commerce business owners
- Payment processors