ONE of the core pillars of the digital economy is e-commerce, and in the last decade or so, it has grown to be massive in Asia.
E-commerce platforms, such as Alibaba and its regional affiliates such as Lazada and Tokopedia have significantly transformed how retail operates in this part of the world.
The meteoric growth of e-commerce has also empowered small regional vendors and players to benefit from cross-border commerce and enabled them to shift more goods than ever while bringing seamless shopping experience to millions of people in remote parts of the continent.
However, the technology is not without its vulnerabilities. E-commerce platforms store sensitive customer data, such as credit card and banking information and personal details that requires protection from possible breaches.
Here are some of the most common threats that e-commerce platforms are vulnerable to at the moment.
# 1 | Credit card fraud
Credit card fraud is a type of theft where which hackers obtain shoppers’ credit card information and channel funds from the account.
This type of threat has been prevalent before the online shopping phenomenon — where the thefts are carried out via the telephone, e-mails and card skimmers — but the growth of e-commerce platforms has provided another possible avenue for hackers to steal credit card information.
As security measures for the physical credit card are enhanced by the day, criminals are increasingly pursuing online and e-commerce credit card transactions.
# 2 | DDoS attacks
Distributed denial of service (DDoS) attack is essentially an attempt to make a site or service inundated with a torrent of requests to overwhelm the website.
Many businesses have fallen victim to DDoS attacks, and it is becoming more and more common as devices are now connected to the internet.
The attack could considerably slow down service or even shut down a website, leading to a loss in revenue and consumer confidence.
# 3 | Phishing attack
Phishing attacks start with communications, via e-mail or text message pretending to be from a credible source, such as a financial institution or a retail organization.
The message will direct unsuspecting consumers to a website or an application that mirrors legitimate e-commerce platforms and has been set up to obtain users’ credentials.
This type of attack is often used to hijack a government or corporate network in a targeted way.