What Is Account Takeover Protection, and How Can It Help Your Business?
Account takeover is a type of fraud that occurs when criminals steal a user’s online credentials and use them to gain access to financial, retail, or loyalty accounts.
Businesses must monitor for this type of fraud and take steps to protect their customers’ accounts.
A fraud detection process that checks all activity on an account helps to identify behavior patterns and prevent account takeover fraud. Using liveness detection or face recognition can also help to detect criminals, so their activities can be blocked before they can transfer money from an account.
What is Account Takeover Protection?
Organizations can determine if an account has been compromised using account takeover protection, which is effective. It monitors suspicious activity, verifies users’ identities, and provides alerts if there are changes to contact information or account settings.
Often, account takeover fraud is perpetrated by criminals who steal credentials from social engineering, data breaches, or phishing attacks. These attackers then use them to hijack real credit cards, shopping, or government benefit accounts, resulting in identity theft.
To thwart an account takeover, you must create strong passwords that include a combination of letters, numbers, and symbols. Ensure that these passwords are unique and change them regularly. Additionally, you should enable two-factor authentication for your online accounts. This requires a security code to be sent to your mobile device or email address.
Another key to protecting yourself from account takeover fraud is to educate your employees about these threats. All your employees should be informed about the risk of cybercrimes and the importance of using a secure password manager for all their online accounts.
Your employees should also be aware that one breached email account can make your entire network of contacts vulnerable. It is essential to train your employees to be careful about opening emails from unknown senders.
How Can It Help Your Business?
Account Takeover Protection is a solution that can help you prevent and mitigate the risks of account takeover attacks. It can also help you protect your reputation and revenue.
Account takeover attacks are one of the biggest threats facing businesses and consumers today. They can lead to lost profits, chargebacks, customer service issues, and a loss of brand trust.
Various things, including data breaches and phishing scams, can cause ATO. These crimes are often perpetrated by individuals who want to steal a victim’s identity for their gain.
These attacks can be challenging to detect and stop, but they are still a significant threat to businesses and their users. They can cost you and your customers thousands of dollars.
Cybercriminals have learned how to circumvent the defense mechanisms many digital businesses deploy, such as threat scores and data-driven solutions to assign risk scores. The problem is that these defenses are not effective enough to protect against account takeover fraud at scale.
As a result, fraudsters are finding ways around them and using phishing and credential-stuffing attacks to compromise accounts on a large scale. In these attacks, criminals use bots to try usernames and passwords on e-commerce sites and banking services to identify users who have reused the same credentials for multiple websites.
What Are the Benefits of Account Takeover Protection?
Account takeover fraud is one of the most severe threats an organization faces. Not only can it cause a lot of damage to a company’s reputation, but it can also lead to a considerable amount of financial loss.
The best way to avoid an account takeover attack is by deploying a system that monitors all activities on a customer’s bank account. This system will identify patterns of behavior that may indicate a fraudulent charge.
Hackers often target accounts associated with a particular identity or that provide certain benefits. This can be anything from government benefits to frequent flyer miles.
Once a fraudster has gained access to the account, they can use it to steal money or purchase products online. These can then be sold for a profit.
These attacks can be challenging to detect, so a system must be in place to protect customers against them. The most effective prevention methods include:
- Ensuring that users never reuse passwords across multiple accounts.
- Deploying password management solutions to keep track of their credentials.
- Blocking phishing attacks.
Fraudsters can steal passwords from a user’s email account and log into the same user’s corporate history. This is commonly done with phishing attacks that use fake websites to gain login details.
How Can Account Takeover Protection Help You?
Account Takeover Protection can help protect your business and customers from various threats, including identity theft. This fraud occurs when a fraudster steals an individual’s personal information, such as their Social Security Number or driver’s license number, to make purchases or access their bank accounts.
In addition to stealing personal information, fraudsters can also use malware and viruses to gain access to your online accounts. These types of attacks can be complicated to detect and prevent, so it’s essential to have a robust security system that can help you identify any suspicious activity or changes to your account.
A powerful tool to combat this issue is Multi-Factor Authentication (MFA). MFA adds an extra layer of security to your online accounts that require multiple factors, such as passwords, biometrics, or one-time-use codes, to log into the site.
MFA can significantly reduce the risk of account takeover, making it more difficult for fraudsters to compromise your accounts. It’s also helpful for preventing phishing attacks, which can result in the theft of your personal information or account credentials.
Another widespread threat is credential stuffing. Fraudsters can reuse stolen usernames and passwords to create new logins that appear legitimate, putting businesses at risk of fraudulent transactions.
Account Takeover Protection helps detect and stop this attack while keeping the user experience high for good customers. This solution uses machine learning, data science, and advanced risk scoring to block high-risk logins and keep your users and their accounts safe.
