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08/02/2024
Account Takeover Fraud Declines in Financial Services
Bank Info Security
Account takeover fraud in the financial services industry is declining in contrast with other industries such as retail and hospitality. Researchers at Human Security attribute the nearly 50% reduction to one of the basic controls in cybersecurity: multifactor authentication.
Human Security, which blocked more than 352 billion attempts at account takeover, carding attacks and web scraping across its customer base in 2023, said the percentage of ATO attacks against banks fell from 49% in 2022 to 26% in 2023, as attacks on the travel and hospitality industry jumped from 32% of traffic on login pages to 52% of traffic during the same period, according to a new report.
The decline of ATO attacks in financial services is not due to new silver bullet technologies. Instead, the trend is the result of the combination of industry regulation forcing the adoption of robust security tooling and methodology and the broad solutions financial services organizations have deployed to protect against attacks, said Gavin Reid, CISO at Human Security.
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