Account takeover (ATO) is a growing threat to our cybersecurity. As our daily activities have shifted online, it’s vital to understand how ATO attacks can occur, and how to protect yourself and your organization.
What is an Account Takeover (ATO) attack?
In an ATO attack, cybercriminals gain unauthorized access to a user’s online account using stolen credentials. They can then steal personal information, make unauthorized or fraudulent transactions, or use the account to carry out further attacks.
Credentials can be stolen through phishing attacks, data breaches, or social engineering. They can also be purchased on the dark web.
The ATO threat is growing. Our digital footprint is expanding as more of our daily activities move online, from work, banking, and shopping to social life and hobbies. The more accounts we have, the more opportunities there are for cybercriminals.
Meanwhile, cybercriminals are using advanced technologies such as machine learning to automate and scale their attacks.
All industries are at risk, but some are particularly vulnerable. For example:
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Banking and financial services: Cybercriminals use stolen credentials to access bank accounts, transfer funds, and make unauthorized purchases.
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E-commerce: Attackers target customer accounts to make fraudulent purchases or steal stored payment information. This is distressing for customers and damages the credibility and operational integrity of online retailers.
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Social media platforms: Attackers use compromised social media accounts to spread misinformation, launch phishing campaigns, or blackmail users by threatening to release private information.
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Gaming: Attackers take over player accounts to steal in-game assets, personal information, or financial details linked to the accounts. The lucrative nature of in-game purchases and virtual assets makes this sector an attractive target.
The impacts of Account Takeover (ATO) on individuals and organizations
For individuals, falling victim to an ATO can be financially costly and deeply distressing.
For organizations, an ATO attack can cause direct financial losses, tarnish their brand and reputation, and lead to costly legal or regulatory repercussions.
According to AARP, Americans lost almost $13 billion due to ATO attacks in 2023. Meanwhile, the cost of new account fraud, where cybercriminals create online accounts using stolen identities, reached $5.3 billion.
High-profile targets of ATO attacks have included Uber and Dunkin’ Donuts. In 2021, attackers stole around 780 GB of data from the game developers Electronic Arts, including the source code for their FIFA 21 game.
Clearing up the mess can be challenging, stressful, and a drain of time and resources.
How to protect your organization against Account Takeover (ATO) attacks
To protect your organization against threats from ATO, following well-established cybersecurity practices is essential. Inter alia – use unique passwords, enable multifactor authentication, deploy effective security and antivirus tools, and always keep your systems and apps up to date.
However, these practices aren’t enough to protect you completely. To mitigate the threat from ATO, you need proactive monitoring for compromised credentials.
At Cybercheck, we constantly monitor forums across the open, deep, and dark web where cybercriminals buy and sell stolen data.
If cybercriminals are trading information about you or your organization, we immediately alert you. That means you can block access, change passwords, and shut out the cybercriminals before they attempt a full-scale ATO attack.
