The modern era of technology is bringing new revolutions in the market with automated tools and advanced technology. Not just the businesses but the cybercriminals are taking advantage of technology. Applying sophisticated techniques and social engineering tactics, imposters are actively exploiting user accounts and carrying out their fraudulent activities.
Account takeover is one of the rapidly rising frauds for the last few years. There has been a 122% increase in ATO frauds from 2016 to 2017 and in 2018 it raised up to 164%. This percentage is expected to grow even. Account takeover represents unauthorized access to someone’s account for financial or personal gains. It can occur in various ways. Every user having an online presence is under threat of ATO fraud.
Online businesses dealing with consumers’ data are very risky and pose the threat of ATO fraud. It is high time for the business to adopt advance security practices and digital ID verification services that can protect users’ credentials and data combatting criminal account takeover.
Replacing Traditional Authentication
Weak passwords and inefficient authentication checks are the main driving factors for account takeover fraud. With the advent of technology, the cybercriminals and fraudsters have become sophisticated enough to trick users and exploit their accounts. Through the increased trend of phishing attacks, the fraudsters are tricking individuals in accessing control of their credentials.
Still relying on traditional authentications checks, user credentials (including username, email, and password) is the only shield between the user and the online platform. This single line of defense, with the people following weak password practices, is no more secure and safe. There is a dire need for advanced digital authentication services to secure online platforms. With the use of ID verification services, only authorized users can access their accounts by proving their identities.
Secure Social Media:
Social media is the most compromised platform. There are two main reasons for this. Firstly, even being the widely used platform, it still lacks proper verification and authentication checks that lead to account takeover. Secondly, social media is the hub of fraudsters using fake identities and credentials. Since these platforms don’t conduct proper ID verification of the user at the time of account making, the imposters and scammers create their profile using fake information.
Once the fraudsters are successful in marking their social media presence, using different social engineering tactics they fool real users to provide their credentials. For example, the apps on facebook saying “Check here who has a secret crush on you” or “Check which celebrity is your look-alike” attracts a large number of users. But in order to proceed the users are required to enter their login credentials and that information is captured by fraudsters which they use to take over your accounts.
Securing social media is very important to protect users from different types of scams. Integrating digital ID verification provides ane extensive support to business owners to prevent fraudsters from accessing the platform – only users who verify their ID will be allowed to create a profile. Moreover, through 2-Factor authentication and facial verification, only the authorized person can access their accounts.
Facial Verification – Advanced authentication check to combat ATO fraud
Face verification is the advanced ID verification service that checks and confirms the ID of the users in real-time. Checking the remote presence of an individual through 3D- depth perception, it protects the online businesses against every type of identity frauds that can be done by spoofing or tricking the system. In fact, this verification check can even replace the need for passwords and serve as the ID token to access any account.