Online stores are the best way to provide service to people in an easy and more convenient manner. Due to the busy routine of every person, everyone wants to shop while sitting at home. Because of this need, many online stores are mushrooming. Online stores were 8.8% of total retail spending in 2018 and Uk had the highest retail percentage of total retail sales which was 15.6%. While 37% of the people were in between the age span of 30 to 39 and this age span is of the people, who have well-settled jobs or businesses.
Top Victims of Hackers
Cyber thieves exploit known vulnerabilities in an effective way and run their harbouring malicious code that steals credit card details of customers. Due to the huge amount of transactions on daily basis, online stores are the best option for cyberattackers. What hackers want to get from e-commerce stores is confidential information of people. In the previous year, one of the top victims of hacking groups were Online store. But why? Here is the answer. Most of them never implement any security checks about the identity of the person who is placing an order. They just want to sell their products to earn more profit. They are not the only one to be censured. Hackers are sniffing your networks, They are using social engineering to extract your intimate info and buying items online by using your identity. What they do is use someone’s identity with a fake address to get a product delivered to their desired location. Everyone believes that identity can’t be risked but most of the time we fail to take concrete measures to secure it. These are not the only consequences that are faced by people. Sometimes hackers buy products from your online store that can be used in explosives, and you have to bear consequences.
The obligation of Online Businesses:
As a responsible online business, it is the responsibility of these companies as well to make sure about the identity of the person with whom they are dealing. They must verify his true identity.there is a strong need to check the identity of a person through KYC. An online store must prevent itself from all types of thefts. Unfortunately, Many Online stores are aware of these thefts but are not willing to spend money on their security. Verifications that must be done by an e-commerce site include:
1- Verify Name
2- Verify DOB
3- Verify Address
These are the basic three facets of a person’s identity that should be checked by any e-commerce store to verify the true identity of its customers. Hacker can easily trick online businesses by pretending to be a person whose identity has been stolen by them. He can use a fake address to verify fake identity but he can’t physically get to that address to get the particular thing he ordered. He will obviously enter a fake address that will not match with original address.
Why Address Verification:
Address Verification is a service that checks the entered address if it is registered with major shipping companies. Address verification is important, If a company is not verifying address it might end up losing delivered items. Effective address verification techniques can increase conversion rates.
Most of the cyberattacks are launched through emails. An Online store must verify the source address of email and physical address where the product to be delivered.
What to do
1- An online store can ask its potential customer to provide Official identity document and run your checks on it to verify if the provided document is authentic or not.
2- You can ask him to provide his home address and verify it through his provided document. Or you can send him a keynote at his home address for address verification.
3- You can ask him to come live on camera with a specific handwritten note.
4- Check that the billing address and shipping address must be same.