Increasing online payments over personal computers and mobile devices are a big reason why the retail industry is a prime target for today’s cyber criminals.
In recent years, breaches in point-of-service (POS) systems have cost e-merchants millions of dollars in financial losses. This has also led to the compromise of hundreds of millions of consumers’ personally identifiable information (PII), triggering the need for online retailers to improve their overall network security.
To reduce ecommerce fraud rates and improve the efficiency of their growing business operations, online retailers need to keep their environment robust. According to the Businessworld article, "Safe Shopping" to secure distributed environments, enterprises need to be scalable, easy to manage and cost-effective.
With today’s retail environments more dynamic than ever, retailers need a security system that can protect the different platforms that both customers and employees use to login to their network. Taking a closer look at the various levels that make up their whole network is something all organizations need to do to better protect their enterprises from fraud and abuse. These areas include:
- Network access points: How your customers access your network is always changing or expanding. Adapting your security strategies to defend the many new platforms and endpoints people use to access your site is critical to protecting your network from fraudulent transactions and other unwanted activity.
- Enterprise management: Managing your enterprise is always a challenge. As it continues to expand, a security system that checks all incoming transactions across your enterprise in real time is important to detecting and preventing fraud at any level.
- Security posture: As fraudsters adapt to updated anti-fraud tools to bypass or defeat current defenses, organizations should, too. A business’s security tools and controls should fully support each component of a multi-channel operation to successfully combat new forms of online fraud and abuse.
As online retailers accept more digital payments from multiple platforms, their transaction risks will continue to climb. A solid fraud prevention solution that helps companies identify these risks through real-time fraud detection is a must. By instantly identifying good Internet-enabled devices, as well as known fraudulent devices that have been used for fraud in the past, retailers protect multi-channel networks across their entire enterprise. This information allows fraud management teams to improve the overall customer experience by instantly accepting good transactions faster.
Device reputation technology empowers businesses to recognize all transactions before they happen and uncover suspicious activities and trends within a system to make faster, more confident decisions on all inbound transactions for a safer, better overall customers experience.