Account takeover prevention is a vital security measure for all organizations that use computer systems in their business operations. It prevents hackers from gaining access to sensitive information that can be used for identity theft or to steal money and credit. This includes financial institutions, e-commerce companies and social media platforms that store data about users.
Businesses that suffer from account takeover attacks face a number of consequences. These include loss of customer trust, reputation damage and increased chargebacks. In addition, they may have to pay hefty fines and legal fees for handling fraudulent activity.
To protect against account takeover, companies need to implement multiple layers of authentication. These should include two-factor authentication, multi-factor authentication and hardware security keys. In addition, businesses should implement a strong password policy and regularly change passwords to reduce the likelihood of hackers taking over accounts.
Automated monitoring of employee and consumer accounts helps identify changes in their personal information that could be indicative of an attack. It also flags potential compromises and allows for automated remediation that will stop fraudsters from gaining access to these sensitive accounts.
Weak passwords are a major cause of account takeover. These are easy to guess or reuse and are often based on the same passwords as those in data breaches.
Using the same passwords for multiple accounts makes it easier for hackers to guess them, which can help them gain access to a user’s online banking or credit card accounts. The simplest way to avoid this is to use strong passwords for all your accounts, which can be created and stored in a secure manner by a password manager.
Another important way to prevent account takeover prevention is to educate your employees about best practices for account protection. This includes changing passwords frequently and not sharing them with others. It also means not clicking on links in phishing emails or on suspicious websites that ask for login details.
In addition, businesses should install antivirus software on all of their computers and phones to monitor for malware or other types of viruses. Malware is a common way for hackers to gain access to victims’ accounts and take over their devices.
The simplest and most cost-effective way to combat account takeover is to implement multi-factor authentication. This can include the use of a password manager and the implementation of 2FA codes on each device that is used to log in to company computers and websites. It can also include a strong password policy and the implementation of hardware security keys on all computers that are used to access sensitive accounts.
Credential stuffing / card cracking: Hackers often use lists of leaked usernames and passwords to try and guess login credentials on different sites until they find the right combination. This can include testing passwords on e-commerce stores and gift cards to find ones that have balances.
Bot defense: A good bot security solution can detect and block the most popular passwords used by bots. It can also identify signs of botnets that might be trying to infiltrate your company’s system.