In recent years, Account Takeover Fraud has become one of the most common types of fraud worldwide, with attacks involving any organization providing credential-protected accounts to customers or employees. Fraudsters are becoming increasingly sophisticated in their approach to fraud and they often target high-value accounts such as bank accounts and credit cards. In summary, Account Takeover Fraud continues to pose a growing threat to individuals and businesses. Early prevention and detection are essential to mitigate the effects of fraud and protect one’s accounts.
Account Takeover Fraud aka ATO is a type of cybercrime in which a fraudster gains unauthorized access to a victim’s account, typically a financial account, an email account, or an e-commerce account. The fraudster may use a variety of techniques to obtain the victim’s login credentials, such as phishing emails, malware, or social engineering. Once the fraudster gains access to the victim’s account, they can use it to make unauthorized transactions, steal personal information, or commit other fraudulent activities.
Account Takeover Fraud works by a fraudster gaining access to a victim’s account, typically through stealing the victim’s login credentials or through exploiting vulnerabilities in the account’s security measures. The process of account takeover can involve several steps:
Account Takeover is a fast-growing and widespread fraud affecting any digital service with a customer-facing login. This means the danger is real for all industries, but the most targeted are financial services, PA, retail, gaming, and reward programs. Also, IT, HR, and management are the more attacked departments. There are several challenges associated with preventing and detecting account takeover fraud, including:
XTN Cognitive Security® provides a successful strategy to prevent and detect Account Takeover Fraud, creating a safe environment for users and guaranteeing them a frictionless user journey.Our Behavioral In-App Protection module combines machine learning, behavioral insights, powerful device fingerprinting, and customizable risk score to block anomalous logins automatically or require extra verification.
The winning secret
Attacks coverage
The XTN Cognitive Security Platform® detects any signs of fraudulent activity in real-time, providing comprehensive coverage against different types of ATO attacks, including:
Consequences of Account Takeover can impact a digital business by:
• Credential damage
• Monetary losses
• Reputational and brand damage
• Loss of customer trust
• Phishing campaigns
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