Account takeovers are on the rise. This is what you do to protect yourself.

What is an Account Takeover?

An account takeover is a type of cyber-attack where a malicious actor gains unauthorized access to someone's online account. This can involve anything from social media and email accounts to banking and shopping accounts. Once they have control, they can withdraw money, make purchases, or steal personal information.

So, if you are locked out of your account, it could be a sign of an Account Takeover (ATO).  Cyber criminals may have bought your stolen information from the dark web, or they impersonated companies through emails, calls, and texts and tricked you into revealing your personal information, bank details, and credit card numbers. (This is otherwise known as phishing or vishing.) Or, they installed malware onto your device without you knowing it when you visited a compromised website and they monitored your activity and captured your credit card details or online banking credentials.  

Which Accounts are Most Vulnerable?

Unlike other forms of cybercrime, account takeovers (ATOs) are relatively easy to execute because they often require only a username and password. According to SIFT’s Q3 2024 Digital Trust Index | Beyond the Breach: Account Takeover Data & Insights, the top websites and apps for ATOs (reported by consumers) are:

          39%   Social media platforms

       38%   Subscriptions for digital streaming services

       35%   Bank or credit card accounts

       22%   Online shopping sites

       15%   Online gaming platforms

       13%   Food delivery services

       12%   Subscriptions for physical goods

       11%   Online gambling sites

       9%     Hotels and lodging

       9%     Crypto platforms & exchanges

How to Protect Yourself

This is a big deal. ATO is identity theft and financial fraud all wrapped up into one.   Maintaining a secure, up-to-date operating system, along with robust anti-malware software, is crucial to preventing account takeovers. Relying solely on one type of security tool, or outdated systems, increases your risk of becoming a target.

Prevail Bank also recommends the following best practices:

• Stay vigilant. Be cautious of unfamiliar texts, emails, or senders. When in doubt, don’t respond—contact the company directly using a phone number from a legitimate source, like an invoice or statement, to verify the message’s authenticity.
• Be mindful of the personal information you share online. Avoid giving out sensitive data unnecessarily.
• If you’re concerned about an automated message, don’t respond directly. Contact the company through its official customer service number or website. This includes bank texts too; if you are unsure or concerned contact the organization through its official customer service number or website.
• Never respond to an unknown sender or caller, follow links, or open attachments, no matter what file type they may be.
• Never reply “No Fraud” for transactions you don’t recognize.
• Never react to pressure tactics or alarming messages. You always have time to check into the concern.
• Use unique, strong passwords or passphrases combined with 2-factor authentication for as many applications as you can — especially banking.
  • To enable 2-factor authentication, you need to go into your account’s settings and find a section related to security.
• Enable a PIN (Personal Identification Number, it’s a numeric code that verifies a user’s identity) or biometric security (like face or fingerprint recognition) on your mobile devices. This adds another layer of protection in case your phone is lost or compromised.
• Regularly review your credit report by obtaining one annually from any of the major credit reporting agencies (Experian, Equifax, TransUnion) or through annualcreditreport.com.
• And, if you are a Prevail Bank customer, sign-up for Credit Sense, It’s FREE. Credit Sense provides credit report monitoring and real-time alerts.

In today’s digital world, vigilance is your best defense against account takeovers. By staying informed, using strong security practices, and taking immediate action when something feels off, you can protect yourself from becoming a victim. Remember, it’s better to be cautious now than to face the repercussions later.

At Prevail Bank, we are committed to helping you safeguard your financial well-being. We have exceedingly strict policies and procedures in place and follow FFIEC control guidelines to help keep your accounts safe. We offer and strongly encourage our customers to use multi-factor authentication for all online and mobile banking tools, in addition to real-time alerts.  If we work together, we can stay two steps ahead of the bad guys.