ATO: How Fraudsters Leverage Established Accounts to Commit Fraud
ATO's (or account takeovers) are not a new method, however these methods have been seen more and more in the last couple years.
What is it?
- An "account takeover" is the term applied to the fraud method wherein a unauthorized user gains access to an established account. This is done in many different ways, and with many different intentions in mind.
Why is this valuable to a fraudster?
- Different industries offer perks to account holders in different ways. The value of these offerings is what fraudsters are after.
- Once an ATO exploit has proven successful, the method becomes a standard operation for identity criminals until it no longer works.
Who does it Affect?
- Depending on the type of account, the affected entity will change:
- Banks account will be drained over time, but the true account holder can report that losses and recover funds.
- Conversely, crypto accounts are not as forgiving.
- Merchant account profiles that are used to process stolen payment information will affect the merchant by way of chargebacks.
Now, the Prevention Strategy
- Data is your friend when seeking to identify ATOs early on.
- Expansive datasets include PII, Biometrics, Behavioral Analytics, Device Fingerprinting and more.
After attending this webinar, attendees will learn why ATO is valuable to fraudsters, how ATO works, who ATO affects, and how to prevent ATO with online identity.
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