Answer in under two minutes!
Well Hot Dang! Turns out fraud is a big business!
DUE TO FRAUD The value of E-commerce losses is projected to exceed $20 billion in 2021, as compared to $17.5 billion in 2020. (https://www.infosecurity-magazine.com/news/ecommerce-fraud-to-exceed-20/ )
Unless you are living under a rock you know we have all seen an unprecedented growth of E-commerce websites over the past 2 decades, and even the last year with covid.
Now in the midst of a post pandemic season (hopefully), millions more shoppes are turning to E-commerce websites.
But as the users grow, one major area of concern is security. Have security issues grown as well?
So today we'll talk about the one question that is on every online shopper's mind – Are E-commerce sites safe?
And also, I am going to let you store owners what you can do to make users feel safe! Pay attention to both sides, the play hand in hand-
So check this out - it IS getting worse!
In 2020, U.S. e-commerce merchants experienced a 24.2% increase in fraud attempts as compared to 2019.
In 2020 66% of those attempts were successful, yikes!This is up10% from 2019.
So what if you own an ecommerce store, here are some facts you should know!
So should you worry as a consumer? Lets break it down simply-
We all know that the MAIN information that e-commerce Websites collect is address, phone numbers, email and payment accounts.
Some websites also store information about your shopping preferences and browsing trends, cookies, etc - YUMM
If you are comfortable with sharing that information then you don't have a lot to worry about. Don't stress. If you are, maybe shopping online is not for you?
Build a bunker? Right?
Secret Bonus Tip For Shoppers -
You can ALWAYS go to your browser settings and select "Block all Cookies" because that's where the collected information is stored. Just use the google machine to research instructions for your browser.
How about those Credit Cards?
For a consumer, try shopping online with a credit card company that has your back.
For example, I have a bank of america visa, and they are terrible. However, amex ALWAYS has my back, so I shop online with those, because I know I can charge back something if its sketchy.
For both consumers and site owners-
As for credit card security , mostly ALL online merchants are bound by some rules under what is called the PCI DSS system.
Or what I call Picadiss! FYI - That's also my rapper name.
If you own an ecommerce store, make sure your payment processor is using Picadiss too! Reach out to them and ask them all the tough questions!
Payment Card Industry Data Security Standards (PCI DSS), was created by some major e-commerce brands like Visa inc, American Express, Mastercards, etc.
It sets 12 security standards that vendors must comply with in order to keep the customer information secure. Google it, and you will find an article that lists them if you are interested.
As a shopper, You can take a few steps to ensure that your information is secure.
As always, please remember to subscribe to my youtube channel and give me a thumbs up, like, comment, and if you have questions, post in the comments below and I will do my best to answer them!