About Account Takeover Fraud Detection Software
An Account Takeover Fraud Detection Software (ATO) attack happens when hackers gain access to an existing customer or business account by stealing or hijacking credentials. The criminals then use the compromised account to carry out fraudulent transactions or steal information that can be used for identity theft. ATO attacks are a growing concern for businesses and consumers, and can be difficult to detect and mitigate due to their sophisticated nature.
In order to avoid the costly effects of account takeover fraud, organizations must deploy robust detection and prevention solutions that rely on advanced technologies to identify suspicious activity. These solutions should offer real-time visibility into user activities before, during, and after a transaction. This way, teams can quickly identify out-of-the-ordinary behavior and take the appropriate action to thwart criminals in their tracks.
Solutions for Fraudulent Account Opening Detection
When an out-of-the-ordinary activity occurs, such as a change to the email address associated with an account, or a request to reset a password, the security team should act immediately. These types of requests are often the sign of a cybercriminal using brute force to crack accounts and bypass traditional authentication methods. Other red flags of an ATO attack include a sudden increase in chargeback requests or suspicious transaction claims, new account information like shipping and payment data, or fewer reward points than expected.
While any type of account can be targeted by cybercriminals, certain accounts are more likely to be taken over than others. Those related to government services, utility accounts, and gaming or entertainment platforms are some of the most commonly attacked. Taking steps to ensure that these accounts are secure, including implementing strong password policies and enabling MFA, is crucial.