Account Takeover Is On The Rise: Is Your Company Ready?

Sophisticated Data Breaches Threaten the U.S.

NuData Security, passive biometrics and Mastercard company, announced that they have found that 40% of all account access attempts online are high risk. They also found that account takeovers increased ten times in 2017 as compared to 2016. Robert Capps examines such data breaches.

Across the globe, data breaches continue to increase each year, making it even easier for fraudsters to take over accounts. This is because each time a breach occurs, more personally identifiable information (PII) becomes available for criminals. We are already near ten billion exposed records since 2013 – 9.7 billion – according to the Breach Level Index.

This exposed information is not just outdated information like your teenage years’ email password; we are talking about full names, addresses, social security numbers, and more. Buying this information for a few bucks even the least sophisticated of actors can gain access to personal accounts or steal identities.

Private credentials being stolen and sold on the dark web is not new, what is new is the information currently at stake. Where it was once common for single pieces of information to hit the dark web (a name and a password, for example), criminals are now able to gain access to the complete identities (including names, passwords, physical mailing addresses, and social security numbers). When a fraudster has this much information, it becomes a near cakewalk to take over not just a user’s account, but their whole identity.

Account takeover has also been on the rise, partially as a side effect of the U.S. adoption of the EMV cards. These new cards with chips are turning the card present environment into a more secure place. On the flip side, fraudsters who use to make a profit using the cards’ magnetic stripe are trying to mitigate their losses by moving their activity to the card-not-present space.

Source: DRJ New feed

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