If there is one area of the economy growing out of the COVID-19 pandemic, it is of Ecommerce. In a press release issued by ACI Worldwide, most retail sectors have seen a 74 percent rise in online sales in March compared to the same period last year. Online gaming has seen a staggering increase of 97 percent over last year. This is great news for retailers who have had to close their storefronts, however it could lead to issues if the online business hasn’t taken the appropriate cyber secure measures.
Fraud has always been a risk in retail, but it has seen an increase since the beginning of the pandemic. Security Boulevard reports a 20% increase in fraud in the first quarter of 2020, when compared to the last quarter of 2019. Part of the reason for the increase is due to the shift in consumer behaviour to more online shopping. Fraud can take many forms, including friendly fraud chargebacks (when a cardholder receives goods, but denies making a purchase, or a family member makes a purchase without cardholder approval) to hackers using stolen credit cards or credentials to make purchases.
Another area that should concern retailers is data privacy with regards to customer and payment information. Just because there is a pandemic, it doesn’t mean that PIPEDA, PCI and other compliance standards are not still in effect. Greg Young, Trend Micro’s vice-president of cyber security, shared some of his tips for retailers recently with Howard Solomon of IT Business. Young’s tips include outsourcing as much as possible, clearing out customer and payment information after a transaction has occurred (keeping only the minimum needed to maintain a record of the transaction), and to use trusted security products to secure your online store.
Having a secure ecommerce security can be challenging at the best of times. Finding a trusted cyber security partner to help guide you through securing your online retail presence is a must. If you are looking for guidance, Uzado is here to help. Contact us to help you ensure your ecommerce set-up is compliant and secure.