Online banking may be growing at a rapid and
steady rate, but when it comes to processing personal and payment information,
e-commerce takes the cake. Online transactions make shopping & paying online
easy and convenient, but many consumers are hesitant to jump right in.
According to a study by Site
Jabber, the number one fear of online users is the fear of credit card
information being stolen.This fear is closely followed by the fear of
personal information being sold or shared by the company to other entities for
maluse. As the popularity of online transactions increases, companies need to
adpat their online models to cater to their consumers. Some businesses may
think this does not apply for them if they are not a online retailer, but consumers are using credit cards and debit cards to pay for
subcriptions, membership fees, and bills. Any business that uses their site to
collect credit card information needs to implement a strong fraud prevention
strategy.
It is predicted that by 2015
there will be around 200 million online shopppers in the US. A study by invesp also
predicts that in 2015, mobile e-commerce will grow by 23.8 billion. In order to
stay above these outstanding numbers, sites must implement secrutiy beyond
simple passwords and usernames. By adding identity verification and authentication as a means of protection, sites can add another layer
of security before information is processed. This can help protect against
stolen information being processed by creating a series of security questions that are based off the true identity’s information. Lets
say a consumer used to live on Cherry Street a security question would be
created based off this information. Answers would look and feel like the
correct one (such as Apple Street or Maple Street) but only the true account
owner could answer it. If companies adopt more secure means of payments, more
consumers would be open to starting or continuing business with a site.
[Contributed by EVS Marketing]
