(BPT) - Today’s cybercriminals are unrelenting and have greatly taken advantage of consumers and businesses throughout the pandemic. As of 2022, almost 90% of consumers have been victims of credit card fraud, identity theft or a data breach, and 47% of companies have experienced customer fraud, cybercrime, asset misappropriation and many other types of fraud over the last two years.
These figures may sound daunting, but consumers can take several steps to keep their personal information and data safe from would-be attackers while shopping online.
Account takeover 101
One of the most common types of online fraud consumers face is called account takeover (ATO). ATO means a hacker gains access and control over a user’s account. Financial, social and email accounts, as well as mobile phones, are all susceptible to ATO activity. Some of the most common ATO examples are:
Examples of companies keeping consumers safe
FinTech and mobile payment companies frequently fall into the at-risk category for fraudulent activity, so they need to implement advanced technology that protects consumers. Many FinTech companies work with global digital identity leader, TeleSign, to help safeguard purchases and protect consumers from identity theft. If a consumer’s name, address, or Social Security number are stolen, TeleSign helps to catch the fraudulent activity so consumers can block the potential negative impact to their credit score and safeguard their accounts.
5 tips to prevent account takeover
TeleSign’s CEO, Joe Burton, shares five ATO prevention tips you can adopt today:
Cybercriminals get savvier every day, so it’s important to protect yourself now. These simple steps can help keep you safe, whether you’re a consumer or business owner.