With the scary and drastic increase of account takeover (ATO) attacks, the number of individuals, businesses, and organizations who have fallen victim to such security breaches has skyrocketed. The worst part is, the damage doesn’t just apply to their finances; their reputation has taken a massive hit too.
With so much on the line, it’s a must that you implement protection against ATO tactics as soon as possible. SpyCloud recommends familiarizing yourself with these cyber threats first, for you to understand how they work, which then helps in better safeguarding your organization – and everyone involved with it.
The methods of credential thievery
ATO criminals use stolen personal and banking information they’ve acquired through some ways, including malware and social engineering. Once they have their hands on these sensitive pieces of information, they can then access personal online accounts, particularly financial platforms, to carry out unauthorized transactions, such as money transfers and fraudulent purchases.
The unwarranted private data access
There are several ways criminals use to conduct ATO attacks. In most cases, these include hacking and phishing. They also commit fraud through checks, credit cards, and mortgage refinancing. Once cybercriminals successfully take over an account, they can already use these sensitive details for their gain. And they will continue doing so until the account owners or issuers shut them down.
Whether they gain information through malware, phishing, or credential dumps, they can get usernames, passwords, and email addresses and use it to wreak havoc on anyone’s finances and reputation.
Protecting what’s most important to your organization
Your organization isn’t the only one at risk when an account takeover happens. The people that work hard for it and with you, as well as your customers, are all at risk too. So, as early as now, double the network security you have, before anything disastrous takes place.