When attackers gain unauthorized access to account credentials, they can use them for a variety of malicious purposes. This includes identity theft, stealing intellectual property, or conducting industrial espionage.

Stop account takeover attacks can also lead to financial loss for businesses. For example, fraudulent charges may cause customers to file chargebacks—which can end up costing businesses millions of dollars in extra credit card processing fees and lost business. In addition, if customers feel they’ve been victimized by an account takeover attack, they may no longer shop with the company—which can lead to customer churn and decrease business revenue.

Preventing Account Takeover: Tips to Halt Unauthorized Access

Stopping account takeover attacks starts with educating employees on best security practices. Encourage users to use strong passwords (minimum 14 characters with a mix of lowercase and uppercase letters, special symbols, and numbers) and multifactor authentication when logging in from new devices or locations.

Additionally, organizations can use a risk-based approach to detect potential account takeovers. User profiling solutions can establish a baseline for normal behavior and identify deviations from that profile that could indicate an attempt to compromise the user account. Continuous monitoring of login patterns, device usage, and access to sensitive resources can help identify unusual activities and trigger additional security measures or alerts.

Finally, companies should consider implementing a comprehensive fraud detection system that offers visibility into all transactions on bank accounts. This can help stop account takeovers by recognizing the signs of hacking and stopping fraudulent activity before it’s too late.