Guide to Account Takeover Fraud Detection

 

While the digital banking revolution and eCommerce boom helped to bolster online security, it also fueled an onslaught of account takeover attacks. Attackers lure unsuspecting victims into phishing traps, then use their stolen credentials to hijack accounts and steal personal information. The result: financial institutions are battling annual losses that have soared into the billions.

Guide to Account Takeover (ATO) Fraud Detection attacks target individuals and businesses alike. Individuals can suffer identity theft, financial losses, and reputational damage; businesses face data breaches, financial losses, and increased processing fees as a result of compromised customer accounts. Business Email Compromise (BEC) is a particularly devastating form of ATO, in which attackers gain access to employee email accounts and impersonate them to access restricted data or make fraudulent payment requests.

Navigating the Landscape: A Comprehensive Guide to Account Takeover Fraud Detection

Cybercriminals often leverage bots and proxies to automate account takeover attacks, and they may hide their activities by logging in at specific times to avoid detection. In order to mitigate these risks, organizations need to strengthen cybersecurity and work with like-minded security partners who understand the mindset of their adversaries.

ATO is the most widespread of all forms of cyberattacks, and it’s a threat that must be addressed by all involved — individuals, companies, and law enforcement agencies. By strengthening security, deploying two-factor authentication, and implementing modern bot defense, everyone can protect themselves from the devastating effects of ATO. The key is to be vigilant and to act quickly when suspicious activity arises.