Account Takeover Fraud Prevention
Account takeover fraud (ATO) happens when bad actors get control of an online account and start using it to steal money or personal information. It can be hard to detect because criminals can make the account invisible and hide suspicious activity, but there are a few key signs to look for that could indicate an attack is underway.
Cybercriminals can use stolen credentials to take over accounts for any type of service or app, from email to social media to financial. This can lead to serious consequences for the victim:
Identity theft: Hackers can steal names, credit card numbers and other information that’s tied to an account, and use it to commit fraud or sell the data on underground markets.
Account Takeover Fraud Prevention: Protect User Credentials
Loss of customers: A successful breach can damage a business’s reputation and cause people to stop using it. It can also lead to a high rate of chargebacks and transaction disputes, costing businesses time and money.
A comprehensive approach to Account takeover fraud prevention includes user education, a zero-trust architecture, and robust authentication practices that can help reduce the risk of compromised credentials. It also requires continuous improvement to address new threats in the threat landscape and to keep pace with evolving attacks.
Taking proactive measures to prevent account takeover starts with educating employees on how to choose strong passwords. That means choosing complex, unique passwords that aren’t reused on other websites and apps. NIST guidelines recommend passwords that are at least 16 characters long and have a mix of letters, numbers and symbols to be most effective. Activating multifactor authentication for critical accounts can also help, and can be enhanced with biometric security features like face recognition or fingerprints to add an extra layer of protection.…