Businesses need to find a good security balance
While things such as SSL certificates and PCI DSS guidelines can go a long way toward helping a business keep customers safe, a delicate balance needs to be struck, as a recent Accertify study found too much security on an eCommerce website can turn customers off as well.
The survey found that 65 percent of customers feel more vulnerable to fraud online than when shopping in person. Even so, about 48 percent of respondents said they would penalize companies that delay or deny a sale, by moving to a competitor. About 51 percent said having a legitimate transaction denied is more frustrating than getting through to a real person on the phone in customer service calls.
"It's crucial that businesses acknowledge that disappointing an online customer can have costly repercussions," said Mike Long, vice president of Accertify EMEA at American Express. "Not only will you be losing revenue from future transactions, but your competitors are going to benefit at your expense. Instead of manually reviewing every suspect transaction, merchants need to implement an automated fraud prevention system that is easily adjustable to account for emerging fraud threats and customizable to changes in their business."
According to ECommerce-Guide, having something like 2048-bit keys for SSL certificate encryption can increase security, but it is also much slower if the correct server isn't in place. Businesses need to find an appropriate balance between security and ease of navigation in order to keep customers happy.