Question

Consider a website-based eCommerce application. List the most common threats one faces when accepting credit card payments and describe several approaches for managing each.

Answer 1

Online payment to a retail house may be made by the customers and business partners then following are the most common threats it could be face when accepting credit card payments :

1) Hackers might steal venerable data and information.

2) Customers might face lots of money due to transactions deducted but not credited to the appropriate party.

3) Lost of faith from business partners in case wrongly done transactions.

4) Unsolicited emails might be sent by the malicious parties to purchase some particular products.

5) Phishing might be occurred as hackers might utilize cookies to record the various transactions.

Management of such issues can be managed as:

1. Proper messages must be developed and must be shown to the party or person before they might involve any transactions.
2. Customers must be educated to avoid any transactions from non-confidential sources or platform.
3. Digital security related training must be given to the vendors which has relations with this retail house.
4. A company which has bigger customer protection platforms must be contacted to provide the expert solutions.
5. Every business transactions must be secured with confidential security match before any payment done. A bio-metric security check supported by human conducts must be adopted.