Being a successful business owner is not as easy as it might seem to some people. “But, why?” you might ask. “Well,” there are so many challenges involved in managing everything, be it the personnel, product, revenue, clients, and other organizational resources and equipment. And one such plague that often remains a source of mental suffering and financial losses for ecommerce business owners is Account Takeover Frauds. Can you believe the FBI estimates that this type of fraud has cost companies $12.5 billion worldwide? The worst part? A total of 41,058 victims hail from the US who lost approximately $3 billion due to ATO Fraud. So, now the question arises, how can you prevent your online business from being targeted from these ATO scams? Well, that’s where the Manage Account Takeover Prevention solution from a leading fraud and risk management company in the US comes in.
So, what is it, why do you need to be familiar with it, and should you spend on it? We will find the answer to all these questions through this blog post today. So, let’s start:
What is Account Takeover Fraud?
The Account Takeover Fraud or Account Compromise is a type of online scam where a hacker, malicious actors, or cyber attackers illegally access a genuine user’s account and then gain complete control over it. And just to let you know, most of the “accounts” they gain access to are “ecommerce accounts.” It is the “main” reason; every ecommerce business owner must buy a Manage Account Takeover Prevention solution offered by well-known fraud and risk management firms in the US to protect their customer’s accounts from getting abused.
Now suppose any unauthorized person succeeds in accessing your user’s account. What will happen? Well, in that case, they can easily use their banking information to make expensive fraudulent purchases online, leading to loss of trust and reduction in repeat sales when your consumer comes to know about it. And do you know what the worst news you might receive in case you don’t resolve these issues on time? The Account Takeover Frauds might leave a negative impact on your brand for a long time, translating into decreasing your customer loyalty entirely sometimes.
What type of attack can cybercriminals launch?
Please be mindful that once hackers become successful in making a grand entry to your user’s ecommerce account, they can execute several types of deception in which financial fraud is the most common one. Now you might ask, “But, how does financial fraud occur?”
So, we must inform you that if cyber attackers gain access to your user’s bank account, credit card, or debit card through their ecommerce account on your site, they can easily carry out multiple fraudulent wire transfers and purchases. It is why you must not delay getting the best Manage Account Takeover Prevention solution from a reputed fraud and risk management organization in the US.
What do ecommerce website administrators must do to Manage Account Takeover Prevention?
As far as the online shopping site owners are concerned, they must deploy a solid Account Takeover Detection Infrastructure software to detect any suspicious activity on their website. And the moment those systems identify any suspicious activity on your site, the IP of that user must get blocked. However, that’s not all, as you should also employ a “special analyst” to review those suspicious activities and try to find any inconsistency that might exist in your ecommerce site.
Take, for instance, if you see an unusually high number of authentication attempts to access one particular account or more on your portal from the same IP and operating system, the chances are high some fraudsters might be doing this behind the scenes. So, in that situation, your Account Takeover Detection Systems must trigger the fraud detection activities. What’s more? You can ask your analysts to review the logged activity later to find if your site has become a new target for cyber attackers. Ok? Got it?
Besides all this, there are a few more things you can do to deal better with Account Takeover Frauds:
- Your fraud detection systems should display a CAPTCHA on your concerned user’s screen once they have made a specific number of authentication attempts from the same IP address.
- You can deploy MFA or Multifactor Authentication to help prevent your user’s financial information from getting into the wrong hands. This way, the cybercriminals with limited information can’t authenticate themselves on your site without another PIN sent to the user’s mobile number. Ok?
What ecommerce website administrators must ask their customers to Manage Account Takeover Prevention?
Well, you must:
- Educate them on how to recognize the dangers and warning signs of phishing
- Inform them to use unique passwords for their every account online
- Suggest them to “always” create strong passwords, especially for financial websites
- Instruct them to investigate every link in the email before they open it
Last Thoughts
Hopefully, you learned scores of things through this text-centric primer, be it what Account Takeover Fraud is, how to manage it, and what are the things your buyers must do to stop or at least minimize ATO attacks. So, if you found this write-up “useful and informative” at the same time and want to purchase the most reliable Account Takeover Prevention system now, we would suggest having a word with the most famous fraud and risk management company in the US.
