Account takeover is one of the most underestimated types of fraud that, in reality, does not require overwhelming actions to be taken to beat it.
Our today’s main task is to spread awareness about this problem and make account takeover prevention comprehensible for everyone.
Thus, we prepared a guide on how to secure your business from Account Takeover.
Huge thanks to About-Fraud for sharing our knowledge.
We believe, the knowledge of the issue is the first and strong step to solve it.
The original and full text of article can be found here:
The results of ATO are apparent when it comes to users. It is usually a painful loss of personal data, money, credit charges, loss of trust in business, and stress. The aftermath for businesses can be very dramatic: chargebacks increase, huge chargeback fees, frequent transaction disputes, and a decrease in customer satisfaction, customer lifetime value, brand damage, and revenue loss. As of today, chargebacks for specific industries can be “life-changing”, especially for e-commerce. When the chargeback rates are over the limit, processing companies raise fees for each transaction, causing drastic revenue losses. Account takeovers in the FinTech industry can be a bad sign of money laundering activities that are restricted and can even lead to the loss of license.
If you ask what account takeover is used for, here is the answer:
- unauthorized transactions
- fraudulent orders
- bonus and loyalty points abuses
- credit card purchases and credential thefts
- account and data resell
- refund and chargeback claims
Covery was created in 2016 by a team of talented risk managers and data scientists with 8+ years of experience in risk mitigation and payment expertise.
We’ve already analyzed 5 billion user actions, prevented 80 million bot attacks attempt, and 250 million risky activities.
Have questions? Contact us.