Account takeover- a growing cybersecurity threat for websites and users

Over the past decade, the Internet has become a pretty dangerous place. As the number of users increases by the day (today, there are over 4.66 billion Internet users), so do online threats. You've likely heard the term "cyber threat" from your friends, social media, or news. That's because Internet security risks are more spread than ever before.

Cybersecurity threats are on the rise these days, and they are more varied than ever before. One of these threats is account takeover. A risk that doesn't discriminate against organizations from individuals when looking for a target.

Keep reading below to find out more about this growing cybersecurity risk!

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Account takeover explained

We've already shared that account takeover is a cybersecurity threat. But how does it really affect Internet users?

Well, account takeover fraud happens when a hacker gains access to the victim's login credentials which are then used to steal funds or information. Simply put, this type of fraud can be categorized as an identity theft type as the cybercriminal gains unauthorized access to an account that belongs to someone else.

This type of cybersecurity threat is particularly dangerous for financial institutions. However, today, hackers use this fraud method for pretty much any organization with a customer-facing login.

Some of the most common targets of account takeover frauds are organizations in industries such as gaming, technology, retail, restaurants, online travel. Cybercriminals also use it for reward programs to try to obtain products and services.

ATO is also a threat to the healthcare, public sector, and academic institutions. For organizations in these areas, hackers use ATO to collect personally identifying information that can be used for other forms of fraud and identity theft.

How can ATO impact businesses?

Account takeover frauds can have a very negative impact on organizations that are targeted. Billions of dollars are lost by businesses across all industries because of losses from fraudulent online transactions caused by ATO. What's more, besides significant amounts of money lost, businesses who are victims of ATO can also lose their customers' trust and have their brand reputation harmed.

How can organizations prevent ATO attacks?

It's challenging for organizations to stop account takeover frauds. Compared to other cybersecurity risks, ATO is a type of fraud that takes advantage of the weaknesses created by customers who log into the online platform. And, the flaws created by users are a lot more difficult to control. However, even when the end-user may be to blame for unauthorized access to their accounts, it's the organization that is held responsible by those who had their identity or funds stolen, by the media, and even in court in some cases.

So, having account takeover protection solutions is essential to prevent stolen credentials or funds from the customers as an organization. ATO solutions use advanced AI platforms and databases of billions of transactions and account events in order for the AI to be able to differentiate between real and suspicious logins.

ATO protecting solutions are a must for organizations who care about their customers' accounts and brand reputation.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes