Electronic commerce is the electronic exchange of goods and services via a computer, smartphone, or tablet linked to a network such as an internet. This covers online shopping, stock trading, and the acquisition and sale of soft products such as graphics, films, and software. Customers may make self-service purchases using e-commerce platforms. It enables real-time transactions around the clock over a vast geographical region. Almost every business in the developed world today interacts with customers through e-commerce. Nonetheless, this rapidly growing virtual market poses serious cyber threats, including consumer identity theft, resulting in significant losses and economic devastation. Before the emergence of online shopping, cyber threats were limited to simple strategies such as starting breaches in POS or point of sale systems to gather personal information from credit card users.
Cybercriminals benefit handsomely from the theft of sensitive data from e-commerce platforms, and their criminal actions scare even modest online businesses. Cyber-attacks have become more sophisticated and frequent. Online identity verification is crucial because it protects businesses and customers from these threats. Additionally, E-commerce-related activities grew in prominence throughout the preceding decade, particularly when a pandemic forced many businesses to go digital.
By and large, consumers choose to shop from the comfort of their own homes, perusing catalogs and collections on e-commerce platforms. Consumers make purchasing decisions based on product reviews and user experience. With payment channels set up, you may empty your basket using cards, initiate the delivery process, and much more from the convenience of your home. Additionally, a few security problems surfaced with the advent of technology and the internet. Notably, the internet is generally vulnerable to hostile attacks. Internet security has become a need as a result of the growth of information and online governance.
Cybersecurity is the study of preventing third-party attacks on computers, mobile devices, internet platforms, and other web-connected equipment. Online identity verification and fraud protection are included in the security. Consumers may explore millions of goods at their leisure thanks to hundreds to thousands of items in a range of categories. However, your devices are often exposed when purchasing on an e-commerce website. Credit card information is another security-conscious stage in the cart-clearing process. As a consequence, an e-commerce platform’s security must constantly be at the greatest level feasible.
To know more, below is an infographic from authID that discuss sharing economy and the need for identity verification.