Cybersecurity in the E-commerce/Payments Industry 

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Cybercrimes excuse no industry, including e-commerce. Cybercriminals target e-commerce as it is one of the fastest-growing industries worldwide. E-commerce reached an unprecedented height in 2020, with a 32.4% increase from 2019, as consumers spent almost $800 billion on online purchases. The gold mine-like nature of e-commerce and payment businesses makes them susceptible to fraud attacks.

According to Statista, data breach cases reported from 2010 to 2020 grew from 662 to over a thousand in the US alone. In the past years, fraudulent activities went high as criminals have also gone sophisticated, so e-commerce transactions need strengthened security measures. Aside from stealing funds, e-commerce’s confidential trade data are at risk of exposure to competitors. Their algorithms, strategies, transactions, and plans might get exposed, resulting in aloss of competitive edge and potential profit.

The same applies to online payment methods. Bad actors can steal private information like credit card numbers and CVV numbers to illegally transfer funds to another account or sell them on the dark web. In some cases, states held merchants liable because of their insufficient control.

The rise of cybersecurity threats has challenged e-commerce enterprises to raise awareness and employ more robust security measures. Businesses need to educate their employees about the imminent dangers to reduce the risk of negligence and avoid falling victim to fraud. They must also integrate robust security technologies, such as passwordless authentication solutions, into their e-commerce platforms.

Contrarily, availing of cutting-edge authentication products does not guarantee 100% safety from cyberattacks. Still, it is important to take such steps to lessen the risks of thefts and fraud that criminals can do against the company and consumers. 

Authentication mechanisms also prevent unauthorized entries. It also helps e-commerce and payment businesses identify and block suspicious transactions and immediately inform the card or account holder.

Furthermore, users can experience a frictionless online transaction that does not require memorizing letters, numbers, or symbols for their password-based login credentials. Passwordless logins are also easy to integrate and provide users with the best digital onboarding experience.

Authentication solutions are valuable security assets for e-commerce businesses against cybercrimes. As they constantly improve, companies can prevent unlawful transactions from happening.

 

Refer to this infographic by LoginID for more info and inquiries about cybersecurity measures for e-commerce and payments industry.

Cybersecurity-in-the-E-commerce-Payments-Industry

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