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Jan
3
Hacked eCommerce Platforms: How to Protect Your Business
Posted by Jessica Grioua on 03 January 2020 11:00 AM

Hacking and cyber attacks have been the bane of websites since the internet’s creation, and that still hasn’t changed. As security measures get more advanced, so do hacking strategies. Any website being hacked is a serious ordeal, but stakes are elevated in the case of eCommerce due to the sheer amount of sensitive data that can be breached and stolen from online stores.

As a merchant, you want your business to be as secure as possible and your customer’s information safe from bad actors. Unfortunately, while many eCommerce platforms work hard to keep their merchants’ sites safe and secure, some things can slip through the cracks if the proper preventative measures aren’t taken.

Today, let’s go through the details on a few hacked eCommerce platforms and how they were hacked to begin with.


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Aug
29
Top Ecommerce Security Threats in 2019
Posted by Sajjad Shahid on 29 August 2019 10:00 AM

During the third quarter of 2017, online sales witnessed a boom of $107 billion dollars according to the U.S Census Bureau. Since then, e-commerce sales have increased by 14% in 2018. But, with an increased number of online sales (that provide larger profit margins) comes with it an even greater number of eCommerce security threats to which you can lose everything. 


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Aug
19
7 Reasons Why Good Orders Can Look Like E-Commerce Fraud
Posted by Rafael Lourenco on 19 August 2019 10:00 AM

One of the greatest challenges you face as an online retailer isn’t losing money to fraudsters. It’s losing money when legitimate customer transactions are incorrectly flagged as fraudulent and declined.

In fact, according to Riskified, a whopping 35% ­- 80% of declined orders are legitimate. To clarify, these are transactions that may, on the surface, appear to be fraudulent, but are actually real orders placed by good customers.

These false declines, also called false positives, hurt online businesses in many ways. When a customer receives notice about a declined transaction, the customer becomes frustrated, embarrassed, and aggravated. In fact, a report by Javelin found that as many as 39% of online shoppers who are falsely declined choose to not return to that store again. Worse, these disgruntled customers often vent their anger to their social media network. An American Express study found that consumers tell an average of nine people about their good experiences—but they tell 16 people about the bad.

All told, U.S. merchants lose nearly $118 billion each year to falsely declined transactions—more than 13 times the cost of credit card fraud.

Clearly, false declines are a major problem for online merchants—more so even than e-commerce fraud. But, few online businesses are even aware of the problem, much less prepared and able to do something about it.


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Jul
30
Web Security Best Practices for Online Retailers
Posted by Jason Chow on 30 July 2019 10:00 AM

Just as the age of digital has brought to us borderless trade and increasing connectivity, along with it has risen the trend of cybersecurity threats. Online retailers will be one group of website owners that has to keep web security best practices firmly targeted in their crosshairs.

Over the past 15 years, there have been more than 8,000 data breaches recorded while incidences of new threats such as Ransomware and formjacking continue to rise.

This makes the digital space perilous for online retailers and enough safeguards must be put in place for defense.


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Jul
9
Different Types of Internet Fraud and How to Avoid Them
Posted by [email protected] (Guest Author) on 09 July 2019 10:00 AM

This last decade we’ve witnessed the internet revolution grow almost exponentially. It seamlessly seeped into every aspect of our lives. I think we could unanimously agree that the Internet has simplified things on many fronts, be it shopping, banking, investing, entertainment, and many more. And we seem to have kept up with this change quite remarkably. But so did the criminals. Harassing, fooling and cheating someone in real life is a concept from the past. Today, it is the internet where most crimes, now called cybercrimes, take place. This is further corroborated by the following statistics.

According to Australian government’s scam statistics, the number of reports logged for online frauds in 2019 is 75,645, and it is only six months down the year. Out of the 75,645 reports, a large share was against phishing. Besides phishing, the other threats that were listed in the top 10 list included investment fraud, false billing, identity theft, online shopping scams, lottery scams, hacking, identity theft, etc. Here, in this article, we aim to discuss these crooked ways of fraud and warn you well in advance about the ugly truth that the web sometimes hides. Shall we begin?


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May
6

Security is a vital component of eCommerce, especially since the risk of fraud can be high. Digital shopping relies on card-not-present transactions, meaning the customer's identity is much harder to verify than in-person transactions. To counteract these risks, other methods have been developed to verify that a digital transaction is legitimately being performed by the true cardholder, and not by a fraudster using stolen information.

The EMV 3-D Secure (commonly known as 3-D Secure 2.0) protocol is built to bring increased safety to the online payments ecosystem and reduce digital payment fraud. EMV 3DS is a form of strong customer authentication, which is becoming core to payment processing.


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