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Hacking - A Growing Problem for E-commerce

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PostPosted: Thu Jan 18, 2018 7:47 am    Post subject: Hacking - A Growing Problem for E-commerce Reply with quote

Hacking - A Growing Problem for E-commerce

By Gunnar Andreassen (Norway)

The growth of e-commerce has given rise to new concerns for cyber-crime and online security. Concerns over e-commerce hacking seems to be rising all over the world. The new kid on the block, internet banking fraud, is also making its name on the scene. New methods have been devised by these fraudsters and one of these methods is phishing. Phishing happens when the fraudster appears as a genuine party, extracting credit card and other financial information, usually through e-mail.

But online shopping still attracts more and more customers. New policies and regulations have been formulated to deal with security issues. Credit card transaction processing and e-checks have been put in place. Unfortunately these are often only implemented by the major players. Merchants that have various online shops still need to make sure their software providers for shopping carts and other online shopping software match the security guidelines for online transactions.

One benefit of e-commerce is automation. E-commerce automation has the ability to perform a number of transactions at the same time. The disadvantage is the enormous traffic that these sites have and the failure of some sites to watch out for any suspicious activities. New effective method of identifying e-commerce fraud is analyzing patterns. Credit card theft is rampant on the internet and e-commerce is being affected by this as well.

Just losing assets is one of the consequences of cyber crime in e-commerce. Whether the attacker is inside or outside the organization, most of the time victims suffer from negative publicity. This can harm the organization's fame and reputation very badly, erode business relationships with the customers and other stakeholders and reduce the amount of potential revenue.

Because of the ever present array of cyber threats, it is very important for e-commerce websites to develop a cyber-defense program that will interlace preventive measures into their e-business operations. But prevention is not enough.

Along with prevention, a defense program should also be developed for detection. Because, if you cannot detect the attacker, how will you prevent the attack? The detection process should be like a sound forensic incident response process.

However, website owners should not be deterred by hacking and shopping cart fraud. The right anti-hacking software and third party internet payment solutions for secure transactions should make both website owners and online customers safe.
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