What is Account Takeover? Account takeover (ATO) fraud occurs when a user's login credentials are compromised by phishing, malware, or a data breach that allows cybercriminals to make unauthorized purchased or transfers. Accounts frequently targeted by account takeover breaches occur on financial platforms such as banks and credit card institutions — but can also affect other platforms with sensitive user data.
2019 has already shown a 9% increase in account takeover fraud — causing over $17 billion in losses. Platforms will continue to be breached and every day new data is compromised online. This exposes millions of users per day to increased risk for losing access to their accounts. Bank account takeover is especially popular as cybercriminals prefer financial incentives as they breach accounts.
Once a user has gained access to an account, they will quickly take advantage of the credentials to execute financial transfers, asset sales, and attempt to charge unauthorized purchases. Time is key here as the hacker typically has limited time before a client recognizes a suspicious login. Cybercriminals will quickly initiate the transfers, while doing their best to blend with a normal user's behavior patterns.
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