In our increasingly interconnected world, fraudsters use digital technology in nefariously innovative ways. According to the U.S. Federal Trade Commission, fraud accounting for $10 billion in losses in 2023 due to online activity.
With identity theft and data breaches exploding, banks and other financial services organization must better protect their customers from the impact of account takeovers (ATOs). An ATO is a form of identity fraud where the fraudster leverages a financial customer’s existing credentials to take control of that customer’s account. The impacts of a successful ATO can range from a one-time purchase to using the stolen account for money laundering and other illicit activity.
Here are four key approached that financial services organizations can put in place in the battle again potentially disastrous ATOs:
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Learn more about how financial organizations and their customers can better protect themselves from account takeover, digital identity fraud, new account fraud, and other types of unauthorized fraud.
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