Account Takeover Fraud

 

Most institutions find it difficult to detect and prevent account takeover fraud for several reasons. Enformion can help!

 

 

Account takeover fraud is a type of fraud where an unauthorized third party gains online access to an account and makes unauthorized changes. After making the changes, they carry out several transactions that lead to monetary loss.

Learn how Enformion can help.

Accounts vulnerable to Account Takeover Fraud

Account takeover fraud can affect any account. The most vulnerable ones are:

  • Credit card accounts
  • Savings accounts
  • Checking accounts
  • Government benefits accounts
  • E-commerce accounts
  • Store loyalty rewards
  • Wireless phone contracts

Consequences of account takeover

Most institutions find it difficult to detect and prevent account takeover fraud for several reasons. For starters, account takeover fraud is a relatively new type of fraud. Most fraudsters use bots to imitate usual login activities, making it difficult for institutions to flag transactions as suspicious.

Financial institutions also try to maintain a good relationship with their customers by not interfering with their spending. Consequently, they fail to detect suspicious activity. Account takeover fraud can harm institutions in many ways. Enformion's powerful data and analytics can help protect you from damages such as:

  • Reputational damage
  • Monetary loss
  • Loss of business
  • Transaction disputes

How to prevent Account Takeover Fraud

Institutions need the right tools and processes to detect and prevent account takeover fraud. The tools should have the ability to detect suspicious activity in real-time and flag them down. You also need to understand normal account activity comprehensively. This way, you can easily discern abnormal account activity and take the necessary action before the fraudsters are successful.

At Enformion, we focus on fraud prevention and mitigation. Our experts will guide you every step of the way.

Read this blog post to learn more

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