Account Takeover Defined ATO

Account takeover defined

What is Account Takeover?

Account takeover is a fast-growing form of identity theft. An account takeover (or ATO) is the malicious access of an online account, by a fraudster or bad actor, posing as a genuine customer, gaining control of an account, and making unauthorized transactions.

Why is this important?

If you’re a financial institution or an eCommerce company, it is extremely important that you protect the brand image that you’ve worked so hard to build. If you’re a financial institution, users choose to create an account and save their money with you. If you’re an eCommerce company, they choose to create an account and save their payment information with you. There is a level of trust that’s been built and keeping that level of trust is an extremely important part of you continuing to do business. On top of this, there is financial risk. If you’re a bank, someone could take over an account and decide to transfer out a great deal of money. If you’re an eCommerce institution, someone can log on and start committing financial fraud against you, hiding either within your customer account, or using your customer’s financial information.

What can you do about it?

Clearly, the data is no longer safe. We’re seeing bad actors come on to sites, entering usernames and passwords, and creating accounts. The problem, however, is that they’re using good data. So substantiating this data is not enough. You need to truly understand who that user is behind the data. Who is actually interacting on your site? When you bring the “who” into the equation, you can identify a real person in an electronic world. How you can do this is with passive behavioral biometrics. Using a tool like NuData Security’s NuDetect allows you to understand who that user is and how that user is interacting over time on your entire web environment.

To learn more about passive behavioral biometrics, click here, or watch our video explaining ATO.

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