Sift’s latest Digital Trust & Safety Index – based on its global network of more than 34,000 sites and apps and a survey of over 1,000 consumers – details the rapid rise and evolution of account takeover (ATO) attacks. Account takeovers are a type of identity theft in which a fraudster gains unauthorized access to an online account.
ATOs have risen by a staggering 131% in the first half of 2022 versus the same period in 2021. Despite the global economic uncertainty, this massive increase indicates fraudsters are taking advantage of businesses and consumers by launching increasingly sophisticated account takeover attacks.
Cybercriminals have specifically set their sights on the cryptocurrency market, which saw a 79% increase in ATO attack rates. This rise in attacks is linked to the recent market volatility, as fraudsters know that consumers are less likely to monitor their crypto wallets with prices plummeting.