Security

Top Account Takeover Fraud Schemes

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Password Security & Protection

Cybersecurity is just as essential as offline security. To ensure that your home is safe and you use things like CCTV cameras and motion detectors. It is necessary to take cybersecurity just as seriously. That is because excellent cybersecurity ensures that your customer data is safe, enhances client trust and protects your company networks from unauthorized access.

There are several types of attacks that your business has to deal with, and the most common is account takeover attacks. It is essential to take security measures to protect yourself from cyber-attacks. This article looks at account takeover scenarios in account takeover attacks.

What is an Account Takeover Attack?

An account takeover attack refers to a situation where hackers steal login details and access customer accounts. They use these accounts for fraudulent activities such as bank transactions or unauthorized shopping. These attacks are successful because people tend to use the same password for many different accounts. Attackers can use your social media login details, for instance, to get into your online shopping account, bank and many others. When they gain access, they take over the account and start using your funds to buy items or withdraw your money.

Apart from using or stealing your money, the attackers can also sell your verified credentials on the dark web for a large amount of money. When attackers take over your account, they also find out more information about you they can sell on the internet. For example, if they access your e-commerce account, they will have access to personally identifiable information they can sell to fraudsters.

Account Takeover Scenarios

Attackers use various approaches and methods to get into your customer accounts. It is essential to understand the signs of account takeover to protect your company. Here are some of the most common account takeover scenarios.

Credential Stuffing

Credential stuffing refers to a scenario where attackers use stolen credentials to gain access to user accounts. These credentials consist of lists of email addresses or usernames and their passwords. The attackers use this information to try to log into user accounts. To speed up the process, they use bots for automation. The bot enters a variety of login details to find one that works. When they access an account, they mine it for more information, use it to buy items online or withdraw large sums of money.

Why It Works

The reason these attacks work is the fact that people tend to reuse login details across several accounts. If hackers get your customer details, they can use them on several other websites, making things worse for your customers. It is essential to remind your clients to use unique passwords when they create their accounts. That way, if the information is stolen, only one account is compromised.

Secondly, hackers have modified their tactics such that rate-limiting is no longer effective against attacks. They use credential stuffing tools that allow them to give the illusion that the logins are coming from different IP addresses, not just one. It is therefore difficult for cybersecurity teams to identify fraudsters. Bear in mind that with available credential stuffing tools, hackers resolve or bypass CAPTCHA challenges.

Signs Of Credential Stuffing

Here are some signs of credential stuffing.

  • Login attempts increase irregularly.
  • Unexpected increase in website traffic.
  • Increase in the number of failed login attempts.
  • Increase in non-existent usernames trying to authenticate.

Credential Cracking

Credential cracking refers to attempts to get into user accounts by guessing the correct login details. It is also called account cracking or web cracking. Attackers target specific accounts using dictionaries, brute force and guessing attacks to access those accounts. The attackers use bots to automate and speed up the process.

Why It Works

This attack works because people tend to use familiar things to build their passwords. These include their names, children’s names and their dates of birth to construct their password. In such a situation, the attacker is bound to guess right. In case the e-commerce site or other website does not limit the number of login attempts, attackers have a higher likelihood of succeeding.

Signs of Credential Cracking

Here are the signs of credential cracking.

  • There is an increase in account locks.
  • Your customers complain that their accounts have been hijacked.
  • Login attempts seem to be testing a variation of passwords and account names.
  • There is an increase in the number of failed logins on a specific user account.

Malware

Malware attacks involve attackers creating malicious software that users inadvertently download to their machines. The attackers can then access the customer’s personal information, such as personally identifiable information, credit card information and login details for various services. Malware includes viruses, Trojan Horses, Spyware and ransomware.

The malware will try to get user information then leak it or conduct a replay attack. Replay attacks involve capturing data sent to the bank, manipulating it then resending it. For instance, if you send a request to view a page, it can be changed to a wire transfer request.

Users get malware through social engineering attacks such as phishing emails. They will receive an email asking them to click on a link or open attachments, for example, to confirm account details. By clicking the link or opening the attachment, they will install malware on their device. The attacker can then siphon information or take over their account.

Why It Works

This scenario works because people will not ignore emails from their banks as they consider the source reliable. The requests also seem genuine.

Signs of Malware Attack

Here are the signs of malware attacks:

  • Customers complain about unauthorized funds transfers from their accounts.
  • If the bank has the technology to detect repeats, they will find events that do not have unique request IDs.
  • There are unusual delays during interaction for a particular session.
  • There are several logins from geographical locations close to the user login.

Excellent cybersecurity ensures that your business and your customer information are protected. Make sure that you watch out for the above signs of cyberattacks. Ensure that you have the latest software to protect your business from account takeover attacks.

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