Unauthorized Account Seizure: Strategies for Security and Defense
Account Takeover: A Growing Threat in 2023
Account takeover, or unauthorized access to someone's online account, has emerged as a significant concern in the digital landscape of 2023. According to Sumsub's 2023 Fraud Report, account takeovers are among the top-5 most popular types of identity fraud.
The risk of account takeover varies across industries, with financial services, iGaming, Virtual Asset Service Providers (VASPs), trading, marketplaces, and carsharing companies being more susceptible. Global account takeover incidents increased by 155% in 2023, as per Sumsub's internal statistics.
Fraudsters employ various methods to gain account access, including phishing, malware attacks, credential stuffing, automated password cracking, and Man in the Middle (MitM) attacks. These techniques allow attackers to masquerade as trusted users inside networks, often evading detection and enabling activities like internal phishing, business email compromise (BEC), data theft, and financial fraud.
Real-time monitoring, device fingerprinting, and multi-layered detection tools using machine learning and biometrics are crucial for detecting and preventing these evolving attacks. Sumsub's AI-driven solution continuously adapts to new attack vectors and ensures early detection of potential threats.
Device fingerprinting identifies new or unrecognized devices attempting to log into accounts, while AI-powered monitoring allows companies to spot bot attacks and more complex takeover attempts in real time.
Account tracking systems can freeze an account if one gets compromised, providing a crucial line of defense. A company should also implement multi-factor authentication to require users to provide more than just a password in order to log in.
Sumsub has prepared a guide explaining what account takeover is, how it affects businesses, and what companies can do to prevent it. Companies can customize their rules and flows with a no-code builder, giving them tailored scenarios that cater to specific risk policies and business requirements.
Advanced anti-fraud systems are essential for companies to prevent account takeover. These systems encompass strong authentication, fraud detection, security education, continuous account monitoring, risk-based authentication, and account recovery and remediation processes.
Companies should monitor user behavior for unusual or suspicious patterns, such as sudden change of geolocation, changes in personal information, login attempts from unrecognized devices, and abnormal transactions.
In the face of this growing threat, it is essential for businesses to stay vigilant and proactive in their efforts to secure user accounts and protect their digital assets.
[1] Sumsub. (2023). The Ultimate Guide to Account Takeover Prevention. Retrieved from https://sumsub.com/blog/ultimate-guide-to-account-takeover-prevention
[2] Verizon. (2023). 2023 Data Breach Investigations Report. Retrieved from https://www.verizon.com/business/resources/reports/dbir/2023/index.html
[3] Sumsub. (2023). The Importance of Real-Time Monitoring for Preventing Account Takeover. Retrieved from https://sumsub.com/blog/the-importance-of-real-time-monitoring-for-preventing-account-takeover
[4] Akamai. (2023). State of the Internet/Security: Q1 2023 Report. Retrieved from https://www.akamai.com/us/en/about/news/state-of-the-internet-security-q1-2023-report.jsp
[5] FTC. (2023). Protect Your Accounts: How to Prevent Identity Theft. Retrieved from https://www.consumer.ftc.gov/articles/0497-protect-your-accounts
- In the digitally-evolving landscape of 2023, where account takeovers are among the top-5 fraud types (Sumsub's 2023 Fraud Report), the importance of robust cybersecurity measures, particularly in industries like financial services and iGaming, becomes increasingly apparent as global account takeover incidents surge by 155% (Sumsub's internal statistics).
- To counteract the escalating account takeover threat, companies need to leverage technology such as real-time monitoring, device fingerprinting, and machine learning-based detection tools, as explained in Sumsub's guide on account takeover prevention (Sumsub, 2023).
