How To Prevent Ecommerce Fraud and Scamming
Fraud is a huge issue for ecommerce businesses, and many companies are spending more money on ecommerce fraud prevention than they should. This is because the process of securing their online transactions can be difficult and time consuming.
Skimming ̶ this is where credit card information, including the magnetic strip and security code, are copied onto a duplicate device by swiping through an electronic point of sale terminal or skimmer machine outside busy retail areas such as shopping malls. The thief will then use it for offline transactions so they can clone cards.
Man in the Middle (MITM) attacks occur when criminals exploit vulnerabilities within the internet infrastructure to intercept data between two parties without them realizing – for example if you were buying something online on your computer but could be looking at someone else’s screen instead of yours; essentially what happens is that there isn’t any encryption at all.
Phishing is where criminals use emails to coax the victim into handing over sensitive information through a fake webpage or app. The criminal will then attempt to trick you into entering your password, credit card details and more on their own website – this can be very dangerous as it may lead you to giving away too much information without even realising so.
Email Address Harvesting ̶ this occurs when hackers send out numerous phishing messages with links that redirect users to legitimate websites but give them access- Web Application Attacks occur when criminals exploit vulnerabilities within web apps such as shopping carts; they often leave backdoors for attackers who are able to steal payment data once victims have entered their login credentials
Account Takeover (ATO) attacks take place on online forums such as social media and email, where hackers can gain access to your account by posing as you so they can intercept data. ATO attacks will often occur after a security breach or if the hacker is able to answer all of your second-factor authentication questions correctly – this means that even passwords alone aren’t enough anymore
One time password (OTP) generators ̶ these are physical devices given to customers which give them unique one-time use codes every 60 seconds; it may be preferable for banks and ecommerce companies to offer these instead of relying on SMS messages as attackers could easily take control of phone numbers through sim swapping
This is just some of what goes into ecommerce fraud prevention but our experts at Secure Trading know how important securing transactions online is for businesses so don’t hesitate to contact us today!