Account takeover fraud is a serious concern for businesses. Not only can it lead to monetary losses, but it can also damage brand reputation and relationships with customers.
The most common reason for block account takeover is theft, but cybercriminals can also steal from government benefits and loyalty programs. They can even use a stolen credit card or bank account to make purchases and access other accounts.
There are several ways to block account takeover, including by preventing phishing attacks or limiting login attempts. However, the most effective way to prevent account takeover is by implementing a strong password policy and training employees on proper credential management.
Blocking Account Takeover Attacks: Advanced Strategies for Cybersecurity Professionals
A strong password contains lowercase letters, uppercase letters, alphanumeric characters, and is changed regularly. This makes it easier to remember and protect against the most common types of account takeover.
Login Attempt Limits: By setting limits on login attempts, businesses can prevent hackers from spamming users with bogus passwords to try and crack them. This is especially important against bots, which are continually evolving to evade detection mechanisms.
Device Tracking: By tracking the location of logins, companies can spot suspicious activity that may indicate a potential account takeover. For example, if a login occurs 200 miles away from the user’s location, it might be time to freeze that account and block future access.
Automated Rules and Processes: To prevent account takeover, businesses need to have the ability to identify and act on anomalous user behavior and activities across a variety of channels and systems. To do this, they need fraud orchestration tools that can analyze the full customer journey and make decisions before a bad actor takes over an account.