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Seon
JANUARY 29, 2024
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 account takeover (ATO) fraud in your business. What Is Account Takeover Fraud?
Fraud.net
MARCH 1, 2024
Understand the mechanics of account takeover fraud and discover effective prevention strategies to safeguard against ATO attacks.
PYMNTS
JANUARY 23, 2020
Many of these data breaches are the result of phishing, which dupes victims into giving up login credentials or other sensitive information that is either used for account takeovers or sold on dark-web marketplaces. How DocuSign Ices Out Phishing Attacks. Deep Dive: Businesses Struggle With Employee Phishing.
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PYMNTS
APRIL 15, 2020
Another threat besides the lack of business is the increased risk of account takeovers (ATOs), as fraudsters exploit the turmoil to steal customers’ data. Deep Dive: QSRs Face Continuous Battle Against Account Takeovers.
Payments Source
AUGUST 22, 2018
Account takeover (ATO) fraud currently drives the largest fraud losses at North American financial institutions within digital channels, according to a new report from Aite Group and Early Warning, the bank organization that operates the Zelle payment network brand.
PYMNTS
DECEMBER 27, 2016
Account takeovers, even of high-profile people, has become a common occurrence in this era of sophisticated cyberattacks and hacks, but researchers think they’ve found a way to fight back against account takeovers : cryptographically based security keys.
Fintech Finance
DECEMBER 4, 2024
Specifically, more than half (58%) dealt with phishing scams in the past 12 months, where scammers pretended to be trusted companies to steal their personal information through email.
Fintech News
SEPTEMBER 22, 2024
Digital fraud attacks patterns, Source: Confidence Amid Chaos: Managing Fraud and Scams with Data and Analytics, LexisNexis Risk Solutions Third-party account takeover as the top fraud type Third-party account takeover was the most common type of fraud in 2023, accounting for 28.7% of all cases.
142 PYMNTS
JUNE 14, 2019
Online games store and centralize users’ payment information, making them prime targets for hackers who acquire data via account takeovers (ATOs). Account takeovers: the ultimate boss fight. Scammers who gain access to accounts message other players, offering them links to free character skins or in-game currency.
Fi911
JULY 8, 2024
This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks. Fraudsters exploit vulnerabilities in online payment systems and often use stolen credit card information or create fake accounts to make unauthorized purchases. How Big of a Problem is eCommerce Fraud?
Fintech News
JUNE 6, 2024
Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures. DBS isn’t the only bank making news for phishing scams. US$129,841).
105 
PYMNTS
JULY 2, 2020
Account takeover fraud, phishing scams and friendly fraud have all seen upticks of late. But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation.
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PYMNTS
DECEMBER 17, 2020
Account takeovers and shipping fraud increased by 347 percent and 391 percent, respectively, between 2018 and 2019, and the pandemic has only exacerbated these issues. Other fraudsters are deploying phishing schemes to net their ill-gotten gains, either using the stolen data themselves or selling it online.
102 
Fintech News
MAY 27, 2024
In addition to data breaches, generative AI tools pose a distinct challenge to APAC fintechs, empowering fraudsters to craft sophisticated phishing lures and synthetic identities. Account Takeover (ATO) and promotion abuse are common fraud tactics affecting APAC fintechs.
115 
PYMNTS
JULY 9, 2020
Banks have been facing a concerning rise in account takeover (ATO) attacks targeting their customers, with financial institutions (FIs) losses due to such schemes rising 72 percent from 2018 to 2019. The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs.
104 
Fi911
JANUARY 18, 2024
They can then open new accounts, apply for loans, or make unauthorized purchases in that person’s name, leaving the victim to deal with the financial and emotional consequences. They often accomplish this by obtaining the victim’s login credentials through phishing emails, malware, or other fraudulent means.
PYMNTS
SEPTEMBER 24, 2019
One of the biggest problems, Blanco said, is account takeover. . Account takeover, which involves the targeting of financial institution customer accounts to gain unauthorized access to funds, is an extremely common cybercrime affecting U.S. financial institutions,” he said.
71 
PYMNTS
NOVEMBER 17, 2020
During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. This spike was the largest increase in Amazon-related phishing attempts since March, when the COVID-19 pandemic forced Americans indoors and made them rely on the marketplace more than ever before.”.
72 
PYMNTS
APRIL 9, 2020
Winning The New War With Account Takeover. Brands, he noted, have every incentive to give their best customers the VIP experience — hence they let them create accounts so their credit information, past purchases and associated data can be kept and used to curate and customize the consumer experience.
The Fintech Times
DECEMBER 18, 2023
“A similarly damaging trend is account takeovers (ATOs) where a bad actor gains access and takes over an online account using stolen or hacked credentials. Take company-wide training to identify phishing attacks for example. When you think about it, it’s the high-tech version of social engineering.
139 
The Payments Association
NOVEMBER 20, 2024
Merchants who invest in these tools may be able to reduce instances of account takeover fraud or identity theft. Account takeover fraud How it works: Fraudsters can use phishing emails, false promises, and other social engineering attacks to steal a cardholder’s personal information and gain unauthorised access to their account.
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PYMNTS
MARCH 18, 2020
High-tech schemes like credential stuffing and account takeover (ATOs) have become commonplace, but many fraudsters still rely on a technique that requires comparatively little technical know-how. Other fraudsters may go directly after restaurant employees with phishing schemes, a popular method for gaining access to data.
70 
The Fintech Times
NOVEMBER 20, 2024
Generative AI (GenAI) is being used to create sophisticated digital forgery and injection attacks through well known methods like phishing, fraud and ransomware. Classical fraud tactics, like phishing, are relatively easy to discern, although they do continue to show some success. per cent of attacks globally).
69 
PYMNTS
JULY 24, 2018
Google has claimed a success in its fight against employee phishing scams , telling reporters that none of its more than 85,000 employees have fallen victim to such a scam since the company deployed its Security Keys program. “Users might be asked to authenticate using their Security Key for many different apps/reasons.
40 
The Fintech Times
DECEMBER 6, 2024
Over the past 12 months, 58 per cent of surveyed SMEs said they had to deal with phishing scams. Thirty per cent also said they experienced account takeover attempts, where unauthorised parties tried to gain access to their online business accounts. Cyberattacks didn’t stop there.
PYMNTS
AUGUST 21, 2020
Hacking, cybercrime and various forms of digital fraud are a never-ending worry for digital-first banks, with fraudsters leveraging techniques as diverse as phishing schemes, identity theft, account takeovers and botnets to target both banks themselves and their customers.
106 
PYMNTS
NOVEMBER 17, 2020
Fraudsters utilizing these schemes rely on tactics such as phishing and impersonation scams to trick customers and businesses into sending payments or payment details, and their use of real-time rails can enable them to make off with the funds before customers catch on.
89 
PYMNTS
MARCH 20, 2020
Phishing attempts surged 640 percent last year alone, with hackers placing malicious URLs on domains such as Apple, Dropbox, Facebook, Google, Microsoft and PayPal, according to a recent report. The Latest Fraud Decisioning Developments. Fraudsters appear to be finding success in new versions of the age-old heists.
PYMNTS
SEPTEMBER 24, 2018
Fraudsters also use customers’ or executives’ lack of knowledge about security protocols to their advantage, and that’s where account takeovers come in. Account takeovers have skyrocketed in recent months, as a flood of consumer records have hit the dark web.
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PYMNTS
FEBRUARY 10, 2017
With today’s ability to hit thousands or even millions of users in a few hours through a phishing attack that infects laptops and smartphones, fraudsters could potentially grab a very large amount of credit card information typed in by users during their next online purchase,” Cagnoni explained. Identity Fraud On The Rise.
PYMNTS
AUGUST 7, 2020
The research also noted a 40 percent increase compared to February in the number of blocked attempts to guide users to phishing websites for one of the most-visited gaming platforms. . The following Deep Dive examines how fraudsters’ schemes target gamers as well as how data breaches enable bad actors to commit account takeover (ATO) fraud.
89 
Clearly Payments
JULY 16, 2024
According to the Association of Certified Fraud Examiners (ACFE) , financial institutions account for 16.8% Account Takeover (ATO): Fraudsters gain unauthorized access to customer accounts to steal funds or conduct illicit transactions. In 2023, 83% of financial institutions reported an increase in phishing attacks.
52 
PYMNTS
MAY 5, 2020
On the “back end” of the business, Elan leverages state-of-the-art fraud detection tools to identify and prevent transactional fraud, account takeover and fraudulent applications. Pangretic cautioned that there will continue to be a rising tide of email scams (phishing) and synthetic fraud.
Braintree
AUGUST 26, 2019
It is effective against various forms of phishing attacks, where malicious actors trick users into giving them login credentials. 1 Traditional two-factor authentication methods, like SMS codes and authenticator apps, offer protection against basic types of phishing attacks. Cyber Security Breaches Study 2019 , GOV.UK, April 2019.
PYMNTS
APRIL 21, 2020
Business email compromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise.
63 
The Paypers
APRIL 18, 2017
(The Paypers) Airbnb has introduced multi-factor authentication to protect its customers against cyber attacks, such as phishing, malware and password dumps.
PYMNTS
AUGUST 29, 2019
Account takeovers (ATOs), identity theft and phishing were found to be the most common methods of attack in this region. A recent report found that ASEAN nations are projected to lose $260 million to online fraud this year, with eCommerce companies bearing the brunt of these losses.
PYMNTS
MAY 16, 2019
According to a report in Reuters , the Eastern European GozNym network, whose leader resides in Tbilisi, Georgia, sent phishing emails to install malware on more than 41,000 computers. Members of the group located in Bulgaria and Ukraine then took control of victims’ online bank accounts and stole money out of their accounts.
46 
PYMNTS
OCTOBER 30, 2017
Account takeover fraud is a growing concern, but Krebs noted that institutions and customers are better armed against it. Moreover, consumers tend to be aware of things like their banks accounts, and a credit card statement with a balance that’s a few thousand dollars north of where it should be tends to draw attention.
Seon
JUNE 15, 2023
A BEC attack is when a fraudster gains unauthorized access to a business’s account. The most damaging form of BEC is account takeover (ATO) attacks. Ask an Expert CEO Fraud CEO fraud is a catch-all term for the exploitation of the account of a high-ranking organizational official, such as a CEO or an investor.
PYMNTS
JULY 21, 2020
The Wall Street Journal recently reported a 35 percent jump in year-over-year credit card fraud in April, with fraudsters harnessing phishing schemes and brute-force hacking attacks, among others, to swindle data and funds. The increase in credit card fraud is part of a larger trend over the past several years, with such losses totaling $16.9
66 PYMNTS
JUNE 11, 2019
One of the most insidious forms of fraud is account takeovers (ATOs). In the June Digital Fraud Tracker™ , PYMNTS explores phishing attempts, dark web marketplaces and how technologies like biometrics and artificial intelligence (AI) are changing the digital security landscape.
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The Fintech Times
MARCH 6, 2024
Seventy-three per cent of respondents expect an uptick in these types of fraud: phishing, synthetic fraud, identity theft, account takeovers (ATO) and money-laundering. In fact, 71 per cent of respondents named it as the number one issue, particularly in automated attacks and deepfake technologies.
59 
The Fintech Times
DECEMBER 18, 2023
From phishing attempts, to account takeover attacks, many of the most pressing online fraud issues have emerged directly from the vulnerabilities of static point-in-time authentication systems. By removing this reliance, Zally’s system offers a pathway to a safer online world that can be enjoyed by all.
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