Account Takeover (ATO) attacks are a form of theft , often used by criminals . Attackers attempt to infiltrate user accounts and use them for their own benefit.
According to experts, this attack has increased significantly during the pandemic.
How does Account Takeover work?
Often, the attack begins with a phishing email, which tricks the account holder into clicking on a document or downloading a virus that records their credentials. The email may have a sense of urgency, to get the user to act immediately without thinking twice.
Account takeover can be done on various types of accounts: online bank accounts and credit cards, accounts related to the tax authorities (e.g. for filing false tax returns), email accounts, social media accounts, etc.
Account Takeover: Differences between corporate and personal accounts
When criminals take control of a business account, we are talking about “business identity theft”. In this case, criminals steal a business’s online banking credentials, while when they target personal accounts, they steal personal information. In the case of a business account, attackers can cause a lot of problems, such as sending money to supposed partners, stealing customer information for further attacks , etc.
How can you protect your business from this type of fraud?
Research employees before hiring: Hiring during a pandemic brings its own unique challenges. You may not be meeting someone in person and conducting all interviews online .However, you should do your research on the potential employee and check if they have ever been involved in any fraud.
Train employees to recognize key threats: Employees are the first line of defense. Having a strong training program in place can be a particularly effective form of preventing Account Takeovers and other attacks.
Employees should be very careful when opening emails: Employees should be trained not to open emails and links from unknown senders and not to provide personal and financial information.
Train employees to detect signs that a system may have been compromised: These signs may include the inability to access files or websites, a dramatic decrease in speed, unexpected computer, the inability to restart a computer, or the presence of unusual pop-ups.
Monitor account activity: Regularly monitor your account activity to identify suspicious transactions.
Examine your business partners' details: You need to know which businesses you are in regular contact with. Carefully check their email addresses, names, and phone numbers to make sure the sender is indeed one of these companies before opening an email.
What to do if your business has been the victim of an Account Takeover attack?
You should immediately stop any activity from systems that may have been compromised. The next step is to immediately notify your bank about the compromised account . Change your credentials immediately and if any funds have been stolen, contact the authorities .
Source: Infosecurity Magazine
