What is an account takeover?

The act of account takeover refers to when a malicious third party obtains access to (or “takes over”) an online account, such as an email address, bank account, or social media profile, by gaining administrative access to it. The reality is, a single account takeover can hurt your company and customers financially. If criminals access an account linked to a credit card number, what’s to stop them from an online shopping spree? Afterwards, attackers can try to use the same credentials on other sites or sell them on the dark web.

How does account takeover fraud happen?

It’s usually occurs through a series of small steps: <ol> <li>The fraudster gains access to the victims’ account.</li> <li>They change details of the account such as a password or adding an authorized user.</li> <li>Once successful, the fraudster is able to carry out a wide range of transactions, which ultimately result in financial loss as well as the loss of trust between the victim and the business associated with the targeted account.</li> </ol>

Stop Catastrophizing and Start Capitalizing on Identity Security that Invigorates Your Business

There’s a term used in psychology to describe when someone assumes the worst will happen. Called “catastrophizing,” it involves believing that you’re in a worse...

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