A study by Security.org claims that around 22% of adults in the US fell victim to account takeover fraud in 2022, with average losses of around $12,000 per case.
This poses a significant threat to both Shopify merchants and customers, leading to financial losses, compromised data, and a decline in customer loyalty and trust. To deal with such growing security challenges, miniOrange has designed Shopify OTP Verification solutions to secure customer’s entire purchase journey.
In this blog, we’ll understand OTP verification solutions and how they can help prevent fraudulent activities on your Shopify store.
Why Need OTP Verification On Shopify Store?
One-Time Password (OTP) verification adds an extra layer of security to your Shopify store. It effectively reduces the risks associated with account takeovers, preventing unauthorized purchases and fraudulent transactions.
For instance, with a login OTP at checkout, Shopify merchants can make order purchases more secure by allowing only verified users with confirmed identities to complete transactions. This protects customer information, lessens potential financial loss, and creates a more secure and trustworthy experience for Shopify merchants and customers.
Shopify Store ‘Without’ OTP Login/Verification
Not implementing One-Time Password (OTP) solutions in Shopify stores can bring about various security risks, like:
- Fraudulent Transactions: Without an OTP login, there is a high risk of unauthorized purchases, account takeovers, and payment fraud. This could result in huge financial losses for Shopify store owners.
- Inventory Loss: A lack of OTP verification can lead to fake orders being placed, resulting in fewer products available in your inventory. This could stop genuine customers from placing orders.
- Account Breaches: The absence of OTP verification leaves customer accounts susceptible to hacking attempts. This compromises personal information, payment details, and order history, risking privacy violations and potential identity theft.
- Revenue Loss and Brand Damage: Instances of fraud or security breaches caused by a lack of OTP verification can result in financial losses, chargebacks, and harm to the brand’s reputation.
- Lower Trust and Credibility: Failing to implement OTP verification might reduce customer trust in your store's security. Customers may feel less confident about transaction safety, leading to abandoned carts or hesitancy in making purchases on the platform.
To tackle such issues, Shopify stores should integrate secure and user-friendly OTP verification solutions like the miniOrange OTP Login plugin to improve security without compromising the user experience.
miniOrange Shopify OTP Solutions
miniOrange Shopify OTP solutions add a layer of protection to your Shopify store. Whether at the login, registration, or checkout page, miniOrange allows Shopify store owners to create a seamless and secure shopping experience for customers. Even if login credentials fall into the wrong hands, OTP login safeguards your Shopify store by verifying access with one-time codes sent directly to customers' phones.
1. OTP Verification At Checkout
Activate OTP verification directly on the product checkout page of the Shopify store, ensuring that only verified users can place orders. This shields you from fraudulent activities initiated by hackers or bots. It further boosts customer confidence and encourages them to shop more often at your store.
2. OTP Verification on Registration
Implementing OTP verification on the registration page of your Shopify store builds a foundation for trust and authenticity for your brand. This feature prevents hackers and bots from creating fake accounts for fraudulent purposes. It ensures that only genuine customers enter and shop at your store.
3. Default Login OTP
Replace the need for entering traditional passwords with OTPs sent directly to your customer’s mobile device, email, or WhatsApp. As OTPs are unique and temporary, customers don’t need to remember complex passwords, offering quick access to your store while keeping their data safe.
4. Customize OTP Message
Craft personalized messages that engage your customers and strengthen your brand identity. With customizable OTP messages, Shopify store owners can build trust and ultimately drive customer engagement and security.
Integrating OTP solutions into your Shopify store is vital for strengthening security, improving customer trust, and meeting industry standards. The miniOrange Shopify OTP Verification at checkout solutions help improve the overall security of your store as well as nurture a safe and dependable shopping environment for businesses and customers.
Remember, a secure store is a thriving store. Choose miniOrange and unlock full potential of your Shopify store!
Contact us at email@example.com and secure your Shopify swag store today!