4 Tips to Reduce Account Takeover Fraud
Account takeover (ATO) fraud is a common type of identity theft. Fraudsters gain access to member accounts, and make non-monetary changes that include modifying personally identifiable information (PII), requesting a new card or adding an authorized user. This allows criminals with stolen credentials access to victims’ accounts. ATO fraud is not new; however, it is hard to detect, and can happen in a variety of ways. It also allows attackers longer windows to monetize fraud, making ATO an increasingly attractive fraud avenue.
Merchants and issuers are trying to stay ahead, but the never-ending battle continues. Your credit union can help by taking proactive steps to protect against ATO Fraud by following these four tips: