We’re living in a modern world that is rapidly moving towards digitalization. Businesses are using the ecommerce platform to gain an extra competitive edge over their close rivals. The banking system is becoming more dependable on digital technology for their day-to-day activities. There is no denying the fact that digitalization makes businesses fast-functioning and more efficient.
However, with convenience, comfort, saving of time and efficiency of effort, a huge challenge comes to prevent the rising risks of online frauds. With more businesses and essential economic activities having their presence online, we are also at a higher risk of data theft by cyber criminals. As a result, Account Takeover or ATO is a serious reality.
What is ATO?
Account Takeover fault happens when a cybercriminal accesses your account and steals information for personal, professional or financial gains. In other words, it is taking over your account for malicious purposes.
Which Factors Are Responsible for ATO Frauds?
Every year witnesses a spike in cases of reported ATO frauds. It is a threat to both individuals and business entities. Here are some commonest factors responsible for ATO frauds:
Weak Password:
Many Individuals hold more than one account and use the same password for all the accounts. Most people have a habit of using the same password for years. These practices make it easier for the criminals to hack into accounts.
Inefficient Authentication: In many organizations, only binary authentication is used for login credentials. In other words, users only need to enter username and password for account access. Cybercriminals have a huge database and technical knowledge to get an access of these details.
Data Breach:
Data breach happens when your personal or professional details are leaked to a third party without your consent.
Mobile Devices: These days, many digital service users access their accounts through smartphones. It explains why cell phones are the primary target of cybercriminals.
How to Prevent ATO Fraud?
Amidst the growing concern of rising ATO frauds, good news is any experienced web development services Kolkata can help prevent these. HOW? We’re now going to explain it:
Face Verification: Face verification is an extended and more advanced form of biometric authentication. It employs both machine learning and artificial intelligence to register and identify your facial features. It’s one of the most effective techniques to verify a person’s identity. If face verification software is installed in the system, machine learning software can quickly identify frauds before they hack into your account.
Payment Monitoring:Most often, cybercriminals commit ATO frauds for monetary gains. This is why, online banking apps are a common target for them. As soon as they get access to a banking application, they take out a large amount of money from the balance. It happens due to absence of strong monitoring and authentication. The developers can build up a strong system to monitor payment and transfer to prevent and catch ATO frauds.
Final Words
No matter how bigger the ATO threats are, it can always be prevented by taking some smarter moves that will checkmate the fraudsters. By developing and installing additional security software, it’s possible to prevent such frauds and catch the cybercriminals red-handed. These things need high end knowledge and transformation with so many things so that you can think of get the best ideas. You can definitely get the best support from a company which is old in the industry and constantly giving you a perfect support in dealing with the right kind of development that is completely bug free and at the same time give you a perfect return of the whole investment.
