After launching their business, startups often have one thing on their mind: sales. They want to attract consumers, make money and achieve long-term sustainability, while carving out a unique space in their industry. But often, startups don’t consider the risks of operating an online business and, because of that, they occasionally fail to address them. This kind of negligence can be dangerous and it could invite fraudsters and cybercriminals into any startup’s online store.
It’s important for startups to have a working knowledge of cybersecurity and how impactful it can be. Most of the time, when a startup experiences drastic increases in their sales volume in a relatively short period, fraudsters will take notice and will likely pounce, hoping that their online store hasn’t been properly secured yet.
Startups in the digital commerce world today deal with a lot of sensitive consumer data, meaning they have a greater responsibility to secure and protect it. They can properly secure this data through encryption, virus protection and other means. It’s impossible for any startup to advance and move forward in their industry if they haven’t gained the trust of their consumers.
One way to gain consumer trust is by contacting the consumer immediately after the transaction to confirm their purchase, by email or text. By doing so, you will alleviate any concerns the consumer may have about dealing with a shady merchant via the digital channel, in a card-not-present environment.
But startups also need to protect against fraud that occurs after a cybercriminal has already successfully stolen a consumer’s credentials. It’s essential that they’re prepared for this situation, so that they don’t have to deal with fraud or fraudulent chargebacks.
Fortunately, they can protect against fraud by utilizing consumer authentication, specifically Cardinal Consumer Authentication (CCA), our rules-based authentication solution. By implementing CCA, merchants will gain insight into the riskiness of their transactions and if a given transaction is too risky, the issuer will send a challenge to that consumer, in the form of a biometric or one-time password, which are inherently safer than older authentication methods. With One Connection to Cardinal, we can Drive your Digital Commerce.