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Account Takeover Fraud (ATO)
Account takeover fraud (ATO) is a type of identity theft where a fraudster gains unauthorized access to a victim’s online account. This access allows the fraudster to perform unauthorized transactions, charge account details, and potentially use the victim’s identity for further fraudulent activities. Common methods to steal login credentials include phishing, malware, and social engineering.
Account takeover fraud is of significant concern when it targets accounts with stored payment methods, such as e-commerce accounts or online baking profiles. Fraudsters exploit these accounts to make unauthorized purchases or transfers, leading to financial losses, reputational damage, and loss of customer trust.
Preventing ATO requires robust security measures, continuous monitoring of user behavior, and advanced authentication methods to protect against unauthorized access.
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