If you are responsible for the security of your customers’ online accounts, you need an account takeover (ATO) detection solution. Account takeover is a form of online identity theft that occurs when a threat actor gains unauthorized access to an account. It is a serious problem that can affect businesses, financial institutions, and individuals alike. When an organization’s customer account is compromised, the attacker can make fraudulent payments, launder money, and conduct other criminal activities. In addition to damaging the organization’s reputation and financial status, it can impact the customer experience.
Increasingly, fraudsters are taking advantage of the latest payment technologies. Whether they are using stolen credit card information or using stolen credentials for eCommerce websites, criminals can easily access the funds of their victims. The use of anonymous payment methods is also on the rise. As a result, the number of breaches has increased.
An effective ATO prevention strategy can help businesses avoid losing money and revenue. But the challenge is to keep pace with the growth of these attacks. To do so, organizations need an ATO detection solution that is designed to detect new attack techniques and rapidly respond to threats. F5 is a leader in the field, offering a robust, unified telemetry platform and industry-leading fraud detection rates. And with its advanced real-time intelligence, F5 provides a powerful tool to stop even the most sophisticated ATO attacks.
An ATO attack can be carried out through social engineering, phishing, or credential stuffing. For these techniques, fraudsters often use automated bots to try and get into the victim’s accounts. They can also purchase credentials on the dark web. With ATO detection solution the right bots, attackers can steal the passwords of users, resulting in accounts being compromised.
Attackers typically start with a phishing campaign that attempts to gain credentials from a targeted site. Once a user is hacked, the attackers may attempt to send emails, order new credit cards, or install malware on the victim’s computer. Other techniques include hacking the network and compromising the entire system.
Many successful ATO attacks involve a group of users working together to achieve a goal. These users often have multiple bank accounts and other financial assets, which makes their credentials more valuable to the attacker. Some attackers buy credentials on the dark web, while others use automated bots.
ATO fraud is one of the most costly forms of cybercrime. It is estimated that the average American has more than 23 online accounts. This increases the amount of money that an attacker can spend on a single ATO attack. Although there is some debate as to how much the cost of an ATO fraud attack can be, experts say that the average cost is approximately $263 for a victim.
Businesses can improve their ATO detection solutions by adopting a layered approach. One way to do this is by using machine learning models to create a baseline of normal behavior. Based on this data, the model can identify suspicious anomalies in individual transactions and create meaningful alerts. Also, the models can reduce false positives.