An account takeover attack occurs when a malicious party gains control of a legitimate online account. It can happen to individuals or companies, causing financial losses and damage to consumer confidence. Businesses should invest in a robust solution to defend against these attacks. There are three key elements to account takeover prevention: multi-factor authentication, monitoring, and alerting.
A good fraud detection system provides a comprehensive overview of all bank account activities. This can help detect account takeovers, as well as any other fraudulent behavior that may be happening. For example, an attacker with access to a user’s account could potentially make fraudulent purchases, change shipping addresses, and even exfiltrate large amounts of sensitive data. These attacks can cause massive disruption to a business’s operations, and can even put a company’s reputation and regulations at risk.
Account takeovers are among the most common and dangerous cyberattacks. They are usually perpetrated by hackers who use stolen login credentials to gain access to a victim’s account. Fraudsters are always on the lookout for new ways to take advantage of vulnerabilities in a company’s security infrastructure. The best defense against these intrusions is to continuously monitor all user activity. When a user’s credentials are stolen, an alert should be sent to notify the user. In addition to alerts, businesses can set limits on the number of proxy/VPN logins a single person can perform in a given period of time.
Another way to prevent account takeovers is to limit the amount of phishing attacks that prevent account takeover attacks occur on your website. Phishing is the practice of sending a fake message urging a user to click a link or download a malicious application. Most often, the message will be a form, and it will request the user to enter a credit card number. However, scammers can also phish for personal information by impersonating popular brands.
Account takeovers are not always easy to stop once an account has been compromised. To protect against these threats, businesses need a comprehensive fraud prevention solution that uses real-time data analytics to pinpoint any unauthorized login attempts and prevent fraudulent actions. By detecting and blocking these types of attacks, businesses can protect their customers and their businesses from significant financial losses.
Many of these attacks are automated. Bots can be used to mimic a human’s online behaviour, and can be used to gain access to user accounts. Automated bots can also be used to bypass existing fraud prevention solutions.
The right solution can ensure that users have a safe, seamless experience when conducting online transactions. One of the most effective fraud prevention measures is multi-factor authentication, which includes both biometrics and passwords. Both of these methods have the ability to prevent a lot of the most common types of account takeovers.
Account takeovers are a challenge for most online companies. As more organizations move to digital commerce, the threat surface has expanded. In the first half of 2019, 8.4 billion records were exposed. Therefore, it’s more important than ever to safeguard your business and your consumers.