Completing transactions online is a straightforward proeCommercecess. It is convenient as well. All customers have to do is enter their card or mobile wallet details. On doing so, they receive an order confirmation. The simplicity of making payments combined with doorstep delivery of products are leading reasons why e-commerce is gaining significant traction.
When customers make a payment, multiple applications work together to process it. Depending on the e-commerce website, the customer may either be directed to an external payment gateway or will be able to make the payment within the shopping website itself. Any vulnerabilities during these processes increase the chance of financial risks.
A broad range of issues can occur if risks exist in e-commerce payment gateways. They can lead to data breaches, hacks, and other such cyber-attacks. Not only do they put your e-commerce website at risk, but it also jeopardizes the bank accounts of customers. Incidents like financial theft or leakage of card details make retail stores lose credibility and eventually their customers as well. So thwarting such incidents is a high priority goal for e-commerce stores.