Account takeover prevention is a process that involves preventing cybercriminals from gaining access to customer accounts. It’s a type of identity theft that’s becoming more common in today’s online world.
Detecting account takeover fraud is important for both individuals and businesses, since a single successful attempt can have serious consequences. It can result in higher chargeback rates, more transaction disputes, and a decrease in a company’s reputation among customers.
The key to preventing account takeover fraud is to detect it in real time. That means monitoring your API traffic and identifying deviations from normal account behaviors.
For example, if a customer changes their email address or password, this could be an indication that their account has been compromised. You should also look for unusual configurations, such as mail filtering or forwarding, to identify a potential breach.
Mitigating the Risks of Account Takeover: Best Practices and Solutions
In addition, account takeover fraud can include other types of criminal activity, such as financial fraud. If a hacker steals someone’s bank or credit card information, they can use it to make fraudulent purchases or even withdraw money from their account.
Avoiding account takeover fraud begins with educating employees on the importance of unique, strong passwords. Passwords must be difficult to guess but easy to remember, so they don’t get guessed by bots or phishing attacks.
Using two-factor authentication and adding biometrics to the login process can also reduce the risk of account takeover fraud. Additionally, businesses should train their employees on security best practices and encourage them to update their security systems when necessary.