Account takeover (ATO) attacks result in billions of dollars of fraud and damage to brand reputation each year. These are the costs and risks associated with ATO.
Let’s start by defining ATO. Account takeover is a form of online identity theft in which a cybercriminal illegally gains access to a victims account, such as a bank account or e-commerce account. The victims account will be of value to the hacker because it either holds funds or access to products, services or other stored value of some kind; as is the case with loyalty accounts for specific companies. Once the cybercriminal has gained access to the account, they will drain funds, use loyalty points, or use the credit and debit card information to commit an act of online fraud.