Even as rapidly as digital technology is advancing, it often seems as though there is no end to the threats which eCommerce businesses of all sizes face in cyberspace. While in-store theft is not an issue in eCommerce platforms, there are other types of cybercrime businesses will be challenged with in 2023. Whether these challenges come in the form of cybercrime or are the result of some kind of error, eCommerce will be tasked with preventing associated loss. Having said that, let’s identify some of those challenges ahead.
Account Verification and Cyber Fraud
Of all the threats eCommerce faces, cyber fraud is perhaps the biggest of all. After all, taking online ACH payments is an absolute necessity in eCommerce, but that requires users to register an account. This is where cybercrime comes into play and why it is imperative that Account Verification is one of the services necessary to prevent registering fraudulent accounts. With advances in AI, taking ACH payments is now safer than ever because new accounts can be verified quickly and efficiently.
Good Old Fashioned Human Error
What’s so good about human error is anyone’s guess but believe it or not, human error accounts for a substantial amount of loss even in eCommerce. Sometimes files are erroneously deleted, and other times data is entered incorrectly. These are just a couple of the ways in which human error will challenge eCommerce in 2023. Nonetheless, as the old saying goes, “To err is human,” and unfortunately, this is one of the most difficult challenges to overcome.
Online Security Risks and Data Privacy
This is often how hackers gain the information needed to establish fraudulent accounts. Even though the leading ACH payment processing companies can quickly verify personal information when setting up new accounts, it is still frustrating, nonetheless. Thankfully, account verification in the digital realm can mitigate the risks associated with fraudulent accounts through effective use of data analysis within the verification process.
Unauthorized Access to Company Files
You would like to think that your employees would never pose a digital security risk, but unfortunately, some of the biggest sources of breached data came from within the company. For instance, here are a few examples from the UK in which insiders posed the biggest security threats in the form of data breaches. It is possible to do just about anything once they’ve gained access to all that private and financial information stored on an eCommerce network. The best solution here is to limit access to these kinds of files for anybody except those who ‘need to know.’
Even human error is getting caught more often than ever before because of the amazing advances in AI. While data entry isn’t something that Artificial Intelligence is likely to spot, entering information in the wrong file is something machines can be taught to recognize. In the end, your main takeaway from all this is to use technology to mitigate the inherent risks in technology. It may sound like a bit of a tongue twister, but that’s a fact. If you want to mitigate the inherent risks in cyberspace, the use of advanced technologies is safest and most effective.
