Top E-Commerce Security Threats and Their Solutions

E-commerce businesses are targets for 75% of all fraud, data & financial theft. Just like guards for physical store security, e-commerce stores require security too. This requires owners to be aware of the latest e-commerce security threats. Using the top security measures, your e-commerce business can be safe and secure. 

In this article, we will explore the top 8 e-commerce security threats and provide effective security solutions to help protect your e-commerce business.

Top 8 E-Commerce Security Threats

1. Financial Fraud

Cybercriminals often target payment transactions, attempting to siphon funds from unsuspecting users. These threats range from credit card fraud to identity theft. The 2 most common types of financial fraud carried out by fraudsters include credit card fraud and refund fraud. 

2. Credit Card Fraud

This fraud is carried out through a stolen credit card or through identity theft which enables the fraudster to create a credit card with that identity. Transactions with stolen credit cards can be limited by installing address verification systems. These systems check and verify between the billing addresses provided by the customer to you and the bank. 

3. Refund Fraud

Another trick up a fraudster’s sleeve is to file requests for refunds or returns for non-existent orders or after using the products. They can also perform unauthorized transactions and clear the trail, causing a loss of revenue for your e-commerce business. 

4. Phishing

Phishing attacks involve deceptive emails or websites that appear legitimate but are designed to trick users into revealing their personal and financial information. Customers can receive messages or emails from hackers pretending to be your e-commerce business. They present fake copies of your website pages or another reputable website to trick the users into believing them. This can pose a grave problem in the trust customers have with your business. 

5. DDoS Attacks

Distributed Denial of Service (DDoS) attacks flood a website with overwhelming traffic rendering it inaccessible to legitimate users. E-commerce businesses are attractive targets. Such a threat can cause your e-commerce platforms to crash resulting in hefty sales and revenue loss. 

6. Spamming

Spam emails, comments, and messages can clutter & disrupt the experience of your e-commerce platform. They can also have malware or phishing links. They can also leave these links in their comments on blog posts and contact forms. Clicking such a link directs your customers to malicious sites. Spamming not only affects your website’s security but also reduces its speed and performance drastically. 

7. Bots

Bots can be programmed to perform tasks like scraping data, automating purchases, or launching attacks. Malicious bots can wreak havoc on e-commerce sites by scraping them for inventory and price information. Hackers can then use the data to lower or modify the prices on their websites in an attempt to lower your sales and revenue.

8. Brute Force Attacks

Brute force attacks involve repeated, automated login attempts to gain unauthorized access to user accounts. Attackers can use brute force to attack your administrator panel, crack your password, and compromise your account to steal information. Automated tools help in trying out thousands of combinations in an attempt to obtain your site’s passwords. It’s wise to use strong, complex passwords and change them every few months.

9. Vulnerability Exploitation

Vulnerabilities that exist in your e-commerce website can be exploited by hackers using SQL injections or cross-site scripting (XSS). SQL injections affect your database by corrupting it using codes that are put into query boxes on your site. XSS targets the users with the aid of malicious code snippets that are planted in your site allowing hackers to access customers’ cookies. 

10. Malware

Malicious software like spyware, viruses, trojans, and ransomware is installed on your IT and computer systems without your knowledge. Customers, admin, and other user devices may have trojan horses that can easily swipe away any sensitive information from it and in the process affect your e-commerce site as well. 

Top Solutions For E-Commerce Security Threats

Top e-commerce threats necessitate the implementation of the top e-commerce security solutions. Here is a noteworthy list of e-commerce security solutions. 

Solution 1: Implement A Secure Firewall

A robust firewall system like Astra Firewall can detect and mitigate DDoS attacks on websites. It acts as a barrier against malicious traffic and ensures that your e-commerce site remains accessible and keeps away fishy networks, XSS, SQL injection, and DDoS attacks. They also help regulate network traffic to and from your online store. 

Solution 2: Secure Payment Gateways

Do not store client credit card information on your database. Rather, use trusted third-party services like PayPal and Stripe to handle payment transactions away from your website. This ensures better safety for your customers’ personal and financial data. If your business does store financial information, compliance with PCI-DSS is mandatory. 

Solution 3: Switch to HTTPS Protocol

Using outdated HTTP protocols can put your e-commerce website and your customers at risk. Utilize HTTPS to encrypt data transmitted between the user’s browser and the website. It displays a trustworthy green lock symbol on the URL bar. This ensures that sensitive information submitted by customers and their user data remains confidential. 

HTTP protocols are defunct and most browsers either display users with a warning message or outright block access to such sites. Switch to HTTPS as it also will help your e-commerce business rank better on Google since HTTPS is a ranking factor for it. 

Solution 4: Carry out Vulnerability Scans

Use automated vulnerability scanning tools like Astra Vulnerability Scanner or OWASP ZAP to carry out quick website vulnerability scans. Ensure that the tools also provide vulnerability scan reports with severity scores and remediation steps so that mitigation of the vulnerabilities is easier for you. The tool should also have a wide, constantly evolving vulnerability database for the detection of the latest vulnerabilities. 

Solution 5: Use Anti-malware and Anti-Virus Software

Regularly scan your website for malware using anti-malware and antivirus software. This helps identify and eliminate malicious code, reducing the risk of spamming and malware infections. AI content generators can also assist in creating unique and engaging content that enhances your website’s value to customers.

Anti-malware software helps detect, remove, and prevent infectious software from infecting your devices and systems. On the other hand, antivirus software keeps viruses at bay.

Solution 6: Have a Multi-layered Security

Utilize a multi-layer security approach that includes CAPTCHA tests, and bot detection tools to differentiate between genuine users and malicious bots. Multifactor authentication can be enabled too so that genuine customers have the additional security and it protects your site from any unauthorized requests. 2FA which uses OTP (one-time password) with personal identification is a popular method of authentication. 

Solution 7: Have Backups for Data

Regularly back up your website data and configurations. This helps you quickly restore your e-commerce platform to a clean state in case of a breach or attack. Having backups minimizes the downtime, data loss, and revenue loss experienced by your business.

Solution 8: Stay Current on E-commerce Threats 

Continuously monitor your website’s software to detect and mitigate vulnerabilities. It is vital that as an e-commerce business owner, you stay informed about evolving threats that can affect your business. Your employees and customers should also have awareness of the latest knowledge concerning handling user data and safe website engagement. It is also important to revoke access for former employees from your systems.

Conclusion

E-commerce security threats are a constant concern in this rapidly evolving cyber landscape. This makes e-commerce security not only a need but an investment for building trust and longevity in your business. With many challenges like financial fraud, phishing, DDoS attacks, spamming, malware, and others, implementing the right security measures is crucial. 

Anti-malware software, vulnerability scanning, secure firewalls, HTTPS protocol, payment gateway security, multi-layer security, data backups, and staying updated on e-commerce threats are the top solutions to e-commerce security threats that can protect your online business and its customers.