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3 Ways for Financial Institutions to Fight Account Takeover Fraud

Cheryl Chiodi is Senior Manager of Field & Growth Marketing at Akamai, overseeing marketing strategy, demand generation, go-to-market programs, integrated campaigns, events, operations, and performance analytics to drive measurable business impact.

Account takeover (ATO) is a formidable issue for the financial services industry — and the threat of ATOs continues to grow. Fraudsters are becoming increasingly sophisticated in their techniques, using social engineering tactics, phishing emails, and brute-force attacks to steal credentials and gain access to private accounts.

\r\n In 2022, bank transfer or payment fraud resulted in losses amounting to $1.59 billion . In addition, an estimated one-third of login attempts to financial institutions and fintech companies are also fraudulent ATO attempts.

\r\n ATO attacks can be very lucrative for cybercriminals.…