Safety first: Protect eCommerce Customer Data With Magento 2 Payments Security
I know, shopping can sometimes be stressful, especially when you shop online. There are a variety of things you have to consider:
Does this one really fit me? Does it look good as the picture? Etc.
And one of the most common concerns when it comes to online shopping is the payment process, whether this is SECURED or NOT.
Regarding eCommerce retailers, payment security is the cornerstone of a successful online business and the mission of store owners is to minimize the risk of customers getting in trouble with security issues.
The reason is simple: No one would buy your products/services if they can not trust your company.
SIDENOTE: If your store remains some frauds or insecure payments, well then, all other marketing and inbound efforts simply won’t bring results.
This blog will guide you through some outstanding notes about Magento Payments Security.
The Possible Drawbacks of Magento Online Payment
Although online payments provide customers with flexibility, quick and convenient, it contains several possible problems:
#1 Hackers Use Stolen Payment Details to Buy Your Goods
It is said that CHARITIES are the most vulnerable businesses to hackers. Indeed, hackers take advantage of these organizations to test if the card they have can be charged or returns an error. These organizations are at the greatest risk due to the lack of IT professions.
“Not only a charity but also small Magento stores are good targets for these fraud attempts.”
This type of attack leaves the store owner both without the product and without the money.
#2 Hackers Use Your Security Holes to Steal Customer Payment Details
Magento is an industry leader but also a target for hacking attempts.
A cardholder data breach will make you liable for damages. It’s not unheard of for online merchants to receive notice from Stripe and other payment processors with compensation requirements for a proven data breach.
Payment Security Standards
PCI compliance is the industry standard for processing online payments in e-commerce. PCI DSS stands for Payment Card Industry Data Security Standard. This standard is applied to all online stores that handle buyer payments using CCs.
Customers must pass PCI compliance testing before their eCommerce site can accept credit cards. This helps secure customers credit card information safe.
Note: An e-commerce site must comply with the PCI Data Security Standard if you accept credit and debit cards.
There is a norm that many e-commerce sites work with third-party in charge for online payment to ease the burden on their stores but this phenomenon might cause several issues.
Visa and MasterCard together with a few other global payment processors developed the standard to put an end to data leaks.
- PCI is considered as the best example of how e-commerce websites should process and store cardholder data.
- Non-PCI compliant payment methods may appear to be an enormous issue if customers get hacked results in losing customer payment details.
“Leaked payment credentials can be used for fraudulent payments on other websites or on your own website”
With the scenario of both Visa and MasterCard, they have mechanisms to find out which website is leaking data because they collect and analyze fraudulent payment statistics.
How to Damage Control a Payment Data Compromise
Protect Your Magento Store From Payment Data Leaks
In fact, many online stores around the world have been continuously trying to secure their shops. Choosing PCI compliant payment processors is a smart choice for that mission. This is a sufficient method to keep your customers’ data first to avoid both PR damages and financial repercussions.
Both MasterCard and Visa have in place fraud- and chargeback monitoring programs that apply fines to merchants who surpass a certain % of “bad” transactions.
SIDENOTE: Merchants are liable to fines if customers’ payment data gets leaked because of their fault.
Remember, when choosing Magento 2 Payment Gateway, you should as well add some criteria before getting started. There is a wide range of payment methods on Magento such as Stripe — the best software platform for running an internet business.
If you have already bought this extension, here are the useful tutorials for Installation & Configuration.
Conclusion,
We are here at Magenest can help you with that, we put customer satisfaction as our first-and-foremost company mission. Our Magento experts team has audited and secured multiple Magento stores around the world. We have relentlessly renovated our working process as well as well-trained staff to better our services.
Check out Magenest store to see the best Magento extensions with amazing supporting service: https://store.magenest.com/
