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What I am wondering is are their products out there that he can use to verify that there are no know flaws in his site that could be used to hack it? It uses osCommerce.

If only it were so simple. There's a whole industry of consultants who offer their time to help people like your friend secure their sites, and there are some automated tools out there, particularly for finding things like buffer overflows, but security auditing is still largely a manual process done by experts.