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In this guide, we’ll see why accounts are targeted, how fraudsters acquire them, and, of course, which steps you should take to secure them. This is your complete guide to understanding and detecting accounttakeover (ATO) fraud in your business. What Is AccountTakeover Fraud?
Cybercriminals acquire personal information from one or multiple cardholders. They subsequently gain control over existing accounts, or establish new ones without the victim’s awareness. Multi-Factor Authentication (MFA) Implementing MFA for customer authentication can significantly enhance security.
As neobanks evolve, the one downside of their innovation is that it opens up many new methods of attack for fraudsters, such as identity theft, fraud rings, and accounttakeover attacks. Accounttakeover (ATO) fraud: Brute force or stolen information is used to access an existing, legitimate bank account.
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