What is account takeover?
Account takeover is when a cybercriminal gets access to a user’s login credentials for a website and poses as that user in order to make fraudulent purchases, access payment information for use elsewhere, or send out phishing scams. In this day and age where many people post all or much of their lives on social media, it can be all too easy for criminals to guess passwords and gain access to user accounts. Many users don’t build strong enough passwords which also puts them at risk for account takeover. Account takeovers are currently at an all-time high as millions of people work remotely and shop online. One report suggests that attempted account takeovers increased a staggering 282% in 2020 and are projected to increase with time.
There are a few different tactics a cybercriminal may use in order to obtain sensitive information and passwords: hacking, phishing, social engineering, botnets, and credential surfing.
Hacking is when the criminal uses an automated program that can cycle through all of the various combinations of letters, numbers and characters in hopes of cracking the password.
Phishing is when a fraudster sends out emails or messages to users that try to trick the user into giving away personal information. These messages can vary in degree of personalization, but more often than not, these messages are targeted at specific users.
Social engineering is a method that includes scanning the intended victim’s social media accounts looking for things like hometown, children and parent’s names, phone number, or anything else that could be used in a password. Then they try different combinations of this information in order to guess the password.
Hackers will also use bots that can break into many accounts at the same time by using common password combinations to gain access. These bots are hard to stop because they can be used in many different locations at once.
Lastly, credential surfing is when cybercriminals use or purchase information leaked onto the darkweb from major corporations. They try to plug into many accounts to find the one user who doesn’t know that their account has been compromised.
Why is it important to help protect your company from account takeover?
Account takeover can harm your employees as well as your bottom line. According to one study, 28% of customers will never use your company again (even if security and/or resources are able to be restored) if their account is infiltrated. Your competitors benefit when your customers look elsewhere.
Many employees are working remotely these days and saving their information to the cloud. Without proper fraud prevention, account takeover could mean that important company information could be stolen including trade secrets, payment information, and employees’ payment or personal information.
How can you prevent account takeover?
The most effective way to prevent account takeover is to have proper fraud prevention methods in place. Verifying and re-verifying identity is an integral part of fraud prevention and maintaining cybersecurity and IDScan.net has the solution to make it happen. Our mobile ID validation system can quickly and simply verify identity, leaving your customers with a streamlined and headache-free experience on your site or app. It’s also easily integrated into your current systems so you don’t have to stress about rehauling your setup.
To use our fraud prevention method, the customer simply takes 3 images with their smartphone:
- Front of the ID
- Back of the ID and
- A selfie
The automation performs mobile ID verification by checking that the ID is formatted correctly on the front and back. It also checks that the information in the barcode matches what is displayed on the front of the ID. It then queries the USPS database to confirm that the address on the ID exists. Lastly, it moves to the pictures, calculating a confidence percentage in facial match between the photo on the ID and the selfie supplied by the customer. The selfie is run through anti-spoofing processes to assure it is legitimate.
The customer’s picture is first compared to a database of known faces to ensure that a human face is indeed pictured. A complex algorithm then maps the customer’s face and compares the unique layout of the pictured face to the face on the ID provided. The mobile ID verification automation can then see more definitively whether or not the faces match and provides a percentage to represent the confidence it has in the faces being the same. Additionally, our Document Verification System can verify most identification documents including driver’s licenses, passports, passport cards, green cards, and international documents with an MRZ (Machine Readable Zone).
Account takeover is when a cybercriminal gets access to a user’s login credentials for a website and poses as that user in order to make fraudulent purchases, access payment information for use elsewhere, or send out phishing scams.
Account takeover can harm your employees as well as your bottom line because it can turn many customers away from your business and expose your employees’ sensitive information.
The most effective way to prevent account takeover is to have proper fraud prevention methods in place. Verifying and re-verifying identity is an integral part of fraud prevention and maintaining cybersecurity.