This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
10/20/2020
Goodbye passwords, passwordless authentication is here to stay
The Paypers
Let’s explore the basis for this prediction and the future of passwordless authentication.
Account Takeover (ATO) fraud is becoming a bigger challenge by the day. It has impacted every vertical from ecommerce to digital wallets, online banking, telecommunication, and healthcare. Fraudsters continually exploit every possible avenue to obtain and use PII. Once they have your data, they apply sophisticated machine learning to evolve attack strategies to stay a step ahead of fraud prevention tools. The most commonly used ATO techniques include:
- Phishing or man-in-the-middle attacks to steal account credentials and intercept one-time passcodes to reset account passwords;
- Credential stuffing: automated testing of stolen usernames and passwords at multiple websites with the intent of taking over a large set of accounts all at once;
- Use of stolen or openly available data to answer Knowledge-Based Authentication (KBA) security questions.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information