Account takeover (ATO) fraud is when a fraudster seizes control of an online account, changes information such as the username, password or other personal information, and then makes unauthorized transactions with that account.
ATO is on the rise and businesses and banks are in the crosshairs. Cybercriminals are targeting a variety of accounts including checking and savings accounts, credit card accounts, online accounts, mobile phone accounts, email accounts and mobile wallets to name a few. But, any account that is protected with a username and password is fair game.
Modern enterprises need to reconsider the password as their go-to authentication methodology.