Account Takeover Blog | Hello Soda

We’ve launched our latest guide which focuses on account takeover and how your organisation can prevent it in a few simple steps.

Inside you’ll find out about how account takeover is performed, the impact it has on your customers, and how your organisation can stop it.

What is account takeover?

Account takeover happens when a fraudster gains access to a customer’s account. Any online account can be taken over by fraudsters, including e-commerce, subscriptions, bank, credit cards, emails and so on.

When fraudsters take over an account they start to make orders, either as many as possible before being detected, or small regulars ones to go under the radar over a long period. Alternatively, selling the details and data is also a lucrative option.

$25.5 BILLION
Expected losses from fraudulent transactions expected by 2020
(Juniper)

Account takeover is on the rise

Hacking, account takeover, and fraud are all soaring, globally. Cybercriminals target checking and savings accounts, credit card accounts, online accounts, mobile phone accounts, email accounts and mobile wallets, and much more beyond this. Any account with a username and password may have value for a hacker or fraudster, and every sort is targeted, including the likes of frequent flier points accounts. 

Passwords alone do not protect

Companies need to reconsider the reliance on the password as the only authentication for customers. Passwords can easily be phished and are not enough, further, or other safeguards are needed in order to protect customer accounts. 

We need to be absolutely sure that whoever log-ins is the actual account owner, and not a fraudster using stolen or hacked credentials, if the account or transaction holds any value that could be exploited through account takeover.  

74% of consumers
think biometrics will protect their account more than Passwords.
(Experian 2019 Global Fraud Report)

Biometrics make everything better!

The only way to truly authenticate a customer and be confident they are who they say they are, is to use biometric. This can be done during registration, log-in or at the point of transaction (for a certain value threshold).  

67% of consumers
of consumers are comfortable using biometric authentication today, with many already using biometrics on their smartphones.
(IBM Security Future of Identity)
75% of millennials
(aged between 20 and 36 years old) are comfortable using biometrics today.
(IBM)

Latest guide download

Account takeover is happening every day and having disastrous consequences for companies and customers. But you can do something about it. Fill in your details below to download our latest guide about reducing account takeovers.

Account Takeover & Prevent Fraud

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Account Takeover Guide

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