Account takeover detection enables organisations to make better decisions on user activity and prevent fraudsters from taking over a legitimate account.
It is the ability to obtain the full picture of the customer journey, enabling fraud teams to identify and intervene before a criminal takes over an account.
A fraudulent account can damage an organisation’s reputation and business model in a variety of ways. The financial impact can be substantial, and it can also put a strain on your IT and support teams.
Why Real-Time Monitoring is Essential for Effective Account Takeover Detection and Prevention
Detecting an ATO attack requires continuous monitoring of all activity on the account, not just transactions or changes to contact details. For example, if an account is suddenly spending more than normal or making several purchases in a short period of time, this could indicate an ATO attack.
Fraudsters often use stolen credentials to access an account and start shopping in the victim’s name. Using this stolen information, they can drain loyalty points, purchase goods or services or even sell the identity to other fraudsters.
The most effective way to protect your customers from ATO is to bolster your security measures and implement stronger authentication methods, such as two-factor authentication. These solutions allow you to verify users’ identity and provide alerts when they make unauthorized changes to their accounts.
Another effective way to detect ATO is to monitor the customer’s device activity, such as device log-ins and timestamp data transfers. This can be done with a number of tools, including iBeacon-based devices or a unified security platform that provides wider context and brings in device data.…