How to prevent account takeover attacks? is by implementing a comprehensive security solution that protects accounts from the beginning of each transaction, throughout its completion, and in case of a breach. To do this, a fraud detection system should have complete visibility into all of a user’s activity. This includes a complete record of the account holder’s actions before a transfer takes place, such as the creation of a payee. This enables security teams to identify the behavior patterns of cybercriminals looking to take over an account for financial gain, or as a foothold to launch follow-on attacks against their victims and their networks.
How to Prevent Account Takeover Attacks: Best Practices and Tips
Account takeover attacks can be very costly to individuals and organisations, with the most serious consequences involving financial loss, identity theft, brand damage, and legal liabilities. Preventing account takeover attacks requires strong password policies, enabling multi-factor authentication (MFA), educating employees on the warning signs of phishing and social engineering, and regularly monitoring accounts for unauthorized access.
In addition, it’s essential to have a robust fraud detection system that can spot suspicious activity such as an account being logged in from a new device or location. This is especially critical for the IT department, HR, and management, who typically manage large amounts of sensitive data and financial information that make them attractive targets to cybercriminals. For example, IT departments often handle payment data and other valuable resources for their customers, and HR and management oversee the employee payroll, insurance policies, and other related assets that could be of great value to cybercriminals.
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