Account takeover (ATO): Account takeover fraud, or account compromise refers to a cyber-criminal gaining control of a legitimate account. This can happen when a threat actor successfully obtains an individual’s
Hackers are increasingly leveraging generative AI technology as a tool for account takeover attacks. In fact, according to Onfido’s latestIdentity Fraud Report, 2024 saw a 3,000% jump in the use of AI-enabled deepfakes. Deepfakes involve using AI to create highly realistic (yet fake) images...
Once attackers take over accounts, they can change credentials to lock out the legitimate account owner, drain the assets, and use the accounts to commit additional acts of fraud Impacts of Account Takeover Fraud Digital fraud losses from attacks such as ATO are anticipated to surpass $343 ...
However, account takeover fraud can also be used to execute a vandalism scheme designed to hurt the reputation or the operational capacity of a company. Fortunately, there are several things you can do as part of an account takeover protection plan. All organizations, regardless of size, should...
Real-world Account Takeover Fraud Examples Account takeover fraud is common across industries and can stay hidden for months, allowing criminals to act undetected. The following are a few of the areas where account takeover fraud is common: Financial gain targets: Banking, credit cards, e-...
Account Takeover Fraud Detection Detecting ATO fraud can be challenging, but often these attacks can be detected by monitoring for suspicious activity and behavior. Here are some of the most effective ways to identify potential ATO threats: Monitor emails and other communications: It’s critical to...
In many instances, their goal is to quickly steal the largest amount of money possible, but account takeover attacks are not always immediately or entirely motivated by financial gain. The purpose of account takeover fraud can also be to learn information, surveillance, gain entry, or bypass ...
What are examples of corporate account takeover? Examples of corporate account takeover attacks occasionally make their way to the courts, where the full detail of the attack can be discovered. For example, the Patco Construction Company sued Ocean Bank after Patco’s computers became infected ...
How To Spot the Warning Signs of Account Takeover Fraud Cybercriminals want to hide the fact that they have access to your account (so you don’t try to recover it). Here are the warning signs of the most common types of account takeover fraud and what you should do: ...
8 Must-Have Features for an Account Takeover Fraud Solution Banks interested in a machine learning solution to detect and prevent ATO fraud should look for the following key features: Real-time monitoring:Choose an ATO solution that provides real-time transaction monitoring of all customer ...