account takeover cybersecurity password manager Security

Account takeover attacks on the rise, impacting almost 25% of people in the US

Losses triggered by account takeovers have averaged $12,000 per incident, in line with information cited by SEON.

Password computer forget many access account account hacked
Image: BillionPhotos.com/Adobe Stock

Account takeover attacks can devastate people and organizations alike. By having access to a enterprise or client account, a cybercriminal can impersonate the sufferer to steal cash or acquire delicate info. In a report launched Thursday, fraud administration firm SEON seems at the rise in account takeovers and affords recommendation to companies and shoppers on easy methods to shield their accounts.

How pervasive are account takeover attacks?

A 2021 examine by Security.org cited by SEON discovered that 22% of adults in the U.S. have been victims of account takeovers, comprising round 24 million households. The common worth of monetary losses triggered by these account takeovers was $12,000.

Among the incidents analyzed in the examine, 51% of the compromised accounts had been for social media websites, whereas 32% had been for financial institution accounts. Further, 60% of the victims had used the similar password for a number of accounts, exhibiting the worth in adopting totally different passwords for every account.

How cybercriminals take over accounts

In looking for accounts to compromise, savvy cybercriminals know when to pounce. Over the 2021 vacation season, one out of each 140 login makes an attempt was an effort at taking up an account. Criminals additionally observe the client markets for spikes in exercise as a sign to assault with out being observed.

SEE: Password breach: Why popular culture and passwords don’t combine (free PDF) (TechRepublic)

To take over an account, attackers will usually purchase stolen credentials on the darkish internet. Otherwise, they’ll use brute power attacks and social engineering methods to hack into an account. After taking up an account, the legal will sometimes change the account info, together with the password and notification settings, thereby reducing off the precise person.

How to guard your organization towards account takeovers

Protecting accounts from takeover is a process for corporations. Toward that finish, SEON affords recommendation.

Increase worker consciousness

Make positive your workers are skilled to know the indicators of a phishing e-mail or malware that tries to acquire their account credentials. At the very least, direct workers to a Help Desk or IT contact to whom they will report a suspicious e-mail or different kind of content material.

Be conscious of phishing and spear-phishing strategies

CEO fraud is one explicit tactic in which the attacker pretends to be the CEO of the firm in an try to acquire account info or achieve entry to community assets.

Use a password supervisor

Trying to create and preserve a distinct password for every account is just about unimaginable with out the proper software. A password supervisor will deal with the tough process of devising, storing and making use of distinctive and complicated passwords for every account. Make positive that the password supervisor is secured by a singular and complicated grasp password. Many password managers provide enterprise editions for organizations by means of which IT workers can handle and monitor their use for workers.

Block suspicious IP addresses and gadgets

Make positive your safety defenses instantly block any suspicious IP addresses and gadgets attempting to entry your community. Criminals usually attempt to disguise their actual identities by spoofing their machine and site. To thwart such makes an attempt, flip to robust fraud prevention and enrichment instruments backed by in-depth machine fingerprinting.

Set up CAPTCHA safety to forestall bot attacks

Criminals typically use bots to mechanically attempt to signal into a web site or account utilizing totally different credentials. To cease these bots, take into account implementing CAPTCHA safety that kicks in after a number of failed authentication makes an attempt. You might also wish to restrict the quantity of makes an attempt granted per person to carry out a particular motion, akin to what number of instances somebody can enter an incorrect password earlier than being locked out.

Protecting shoppers from account takeover attacks

SEON additionally provided the following recommendation for a way a client can shield themselves from these attacks.

Use a password supervisor for robust and distinctive passwords.

A password supervisor remains to be your finest guess for adopting a posh and distinctive password for every account. Just be sure that your password supervisor is itself protected by a powerful grasp password.

Use multi-factor authentication

MFA is one other kind of safety technique that it’s best to arrange for all supported accounts and web sites. Even in case your password is compromised, the attacker received’t be capable of log into your account with out that second kind of authentication. Many accounts and web sites assist the use of an authentication app, akin to Microsoft Authenticator or Google Authenticator. Others will let you use a bodily safety key. If so, use both of these strategies as they’re the most safe sorts of MFA.

Verify any request to your account info

Never reply on to an e-mail or textual content asking for account info. Instead, search for the cellphone quantity or e-mail deal with of the particular person or firm attempting to contact you to substantiate whether or not the try is authentic.

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