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Account takeover fraud is a complex threat that requires teams to leverage a mix of behavioral and transactional data to identify suspicious patterns and protect customers. This can include spotting uncharacteristic login attempts, unexpected password reset requests or a change in account details. Recognizing these indicators early enables businesses to take swift action to prevent the theft of valuable account data and mitigate potential damage from cybercriminals.

While the stop account takeover fraud abuse takeover fraud are mainly from chargebacks, it can also be costly to business in terms of loss of user trust and low customer retention rates. In addition, state governments are starting to hold businesses accountable for the security of their online services, which can result in heavy fines and legal fees.

The motivations for fraudsters aren’t just financial; they use the accounts they control to commit more sinister crimes like drug and human trafficking. These activities can have societal implications that impact us all.

Account Origination Fraud Detection Solutions

While it is important to continue educating users on best practices, teams must focus on deploying technology that is effective in stopping fraudsters and keeping customers safe. A combination of user behavior paired with a well-tuned rules engine will help teams detect patterns that may be indicative of account takeover. In addition, it is crucial to connect with peers to share information and best practices. For example, the Fraud DAO is an industry consortium that aims to prevent account takeover fraud by sharing breached credentials and other information about cybercriminals who have been targeting a particular company.