Account Takeover Attacks Targeting Financial Services Firms
The year 2020 witnessed a surge in account takeover attacks (ATO) on financial-services companies. This was especially true of fintech firms. The reason had to do with COVID-19. Let’s see recent survey results and know how PinWheel Pay can help you with the most advanced and cheapest merchant-processing services.
ATO Fraud Taking a Toll
According to a fraud-prevention firm’s recent survey results, account takeovers rose threefold during the period from Q2 2019 to Q2 2021. This makes 39% of all fraud that the firm prevents. The company registered the majority of cases during COVID-19. These attacks were nearly 2.8 times more in 2020.
ATO fraud mostly hurt the financial sector, with the cases growing 850% from Q2 2020 to Q2 2021. The majority of the attacks targeted cryptocurrency wallets and accounts, and this is scammers’ “favorite” fraud type.
Fraudsters don’t stop developing new and more advanced ways of attacking their victims and have a myriad of options. The ATO-related ones include:
- Brute-force attacks
- Credential stuffing
- Phishing
- Social engineering
- Synthetic identity fraud
- Friendly/family fraud
ATO Attacks On the Rise in the UK
Based on another survey results in the field, carried out among over 175 financial institutions around the globe, companies in the industry are increasingly aware of the ATO fraud threat to their businesses.
72% of these financial institutions view ATO as their top fraud concern. According to 2%, customers should feel safer thanks to a robust fraud-prevention solution.
To properly protect your company from fraud and use the latest fraud-prevention solutions, you should work with a payments expert in the field. Thankfully, there are experts like Pinwheel Pay that are focused on multi-currency processing and online payments, as well as provide unmatched protection from fraud.
Dedicated to offering unique services, custom-built technologies featuring the highest level of reliability and security, PinWheel Pay helps business owners enjoy an effective and efficient business operation.
Account Takeover Attacks Suring in the Financial Sector
Recently, companies in the financial industry have been witnessing a huge increase in account takeover attacks. This is because of COVID-19: after all, the move to the online space has accelerated as never before. Use the most secure fraud-prevention techniques to protect your company from fraud.
Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.
