Understanding Credit Card Frauds and How to Secure Your Magento Website from It
With ecommerce websites increasing exponentially and people purchasing things online, it has become very crucial to make your website safe for transactions. Online frauds have become a common thing and it has become one of the major concerns of all Magento web development. It doesn’t matter if you are an ecommerce giant or a startup business, you are always at a risk of getting hacked.
If you have a Magento online store, then there is nothing more troublesome than fraud as it can dissolve your customer’s trust, cost you a lot of money and also damage your reputation. Research has stated that merchants all over the world will lose a combined total of $130 billion between the years 2019 -2023 through various fraudulent transactions.
Who is at a Risk of Online Fraud?
There are many Magento websites who don’t prefer to hire a Magento development company for regular maintenance of their site. Such websites are usually attacked by hackers as they are not updated regularly and lack useful features that can protect the ecommerce site. Again, you might think that you have a small business so hackers might not consider your website for fraud. But you couldn’t be more wrong.
Hackers usually try to attack sites that are not regularly maintained and so even if you are a small organization, you should know the importance of regular Magento maintenance. All the ecommerce stores are usually at a risk because they store customer details and are at the risk of losing data in the wrong hands in case there is any security lapse.
What is a Credit Card Fraud?
Credit card fraud usually happens when someone who is a fraudster uses the stolen credit card or the information from that card to make any unauthorized access to the account or make a purchase in your name by using the account. Credit card fraud can happen in various ways. The credit card number might be exposed to data breach, which hits one of your favorite retailers and the fraudsters may use the information to rack up online changes with your account numbers.
How to Prevent Credit Card Frauds for Your Magento Ecommerce Development Services?
Follow the PCI Guidelines:
The Payment card industry security standards council has some of the best practices set that needs to be followed by all the online ecommerce stores. It is by complying with the standards that they can prevent fraud of any kind from occurring. Following these standards are compulsory because there are important to restrict online frauds.
Using the Right Tools and Processes:
Magento development comes with various security tools, which can be easily integrated to manage the risk. A great deal of security is offered to the site and it is essential to keep the customer information safe. You can ask your Magento maintenance company to integrate some tools to maintain the security of the site.
Opt for an Address Verification System:
If is always a good idea to compare the billing address with the address that is used in the records of the credit card company. If the IP address does not match the address on the credit card, then you can restrict the IP addresses if they are from some other countries. There are some settings available by Magento ecommerce platforms that allows you to block any irrelevant IP address. But also remember that at times your customer may also purchase a gift for someone from the site and send it to a different address.
The Use of CVV:
Another best means to protect your Magento ecommerce site is to make it compulsory to write down the CVV, which is the three or four-digit code printed on the backside of the credit or the debit cards. Since PCI prevents strong CVV codes on the database, it is a safe means to make every transaction safe and effective.
Most Magento ecommerce sites store personal data of their customer’s credit cards like the address and some other credentials. It is only through regular maintenance of the site and taking some crucial steps that business owners can safeguard their site from any cyber-attack.