Keep Your Online Customers Secure This Shopping Season
“Get trampled on Black Friday or have my identity stolen on Cyber Monday”
Between Thanksgiving and Cyber Monday, an estimated 164 million people will be shopping online. As excited shoppers click from one e-tailer to another looking for the best deal, they are not always as alert as they should be. This distraction makes them much more susceptible to security risks. According to a new report from Juniper Research, fraud losses from online shopping, airline tickets, money transfer, and banking services are expected to hit $22 billion this year (Online Payment Fraud).
What are some of the top ways that you can ensure the security of your customers’ privacy and identity?
1. Strengthen Customer Passwords
Encourage and enable your customers to create strong passwords for your website. Have a clear password security policy that enforces the use of complex passwords, but also make it clear to customers how to create passwords that comply with your complexity rules.
Customers pick easy passwords because they’re easier to remember. So make sure you able to offer them easy, seamless support in case they forget these more complex passwords. If you’re using a customer identity management solution, password updates should be a basic function.
2. Require Multi-Factor Authentication
These days, no matter how secure or complex passwords happen to be, they’re not hard to crack or guess. That’s why it’s good practice to have an additional layer of security to make sure that the person trying to get access to your website is actually your customer. Multi-factor authentication (MFA) uses the concept of combining something customers know (their password) with something only they will have (typically their phone). So in addition to a password, the customer is sent a one-time password (OTP) via SMS to their phone. The customer has to enter the OTP in addition to the password to verify that they are who they claim to be. A recent LastPass report found that only 45 percent of enterprises put multi-factor authentication to use, while only 13 percent of retail businesses do (2018 Global Password Security Report).
3. Limit Social Login
While social login can be a quick and frictionless way to engage your website visitors, the recent rash of social media breaches have made them a security risk. Social media sites that become targets of a hack can impact a customer’s security on any site where they’ve logged in with their social media credentials. Take the recent breach at Facebook, which exposed the data of 50 million people. Because users’ Facebook credentials were compromised, any site they’ve used Facebook to log in to is potentially at risk of attack or compromise too.
While many believe that this is the prime time for online fraud, no season poses greater cyber-risks than another. Cyber criminals will take advantage of any holiday or occasion that increases online activity to trick online shoppers into sharing their private and personal information. Any company that does business online needs to be vigilant, whether it’s Christmas, Valentine’s, or tax season. Your customers deserve to be protected year-round from any cyber threat.