What is Account Takeover?
Account Takeover is an attack where cybercriminals obtain access to an account using various methods like brute force, credential stuffing, etc. Credential Stuffing is being the most popular method where stolen usernames and passwords are bought from the dark web and tried on websites to gain access of the account.
This is a major problem in the market as of now, statistics say:
- 57% of businesses reported increased losses from account-based fraud in 2020-21
- 18 billion records of sensitive information leaked since January 2020
- Transaction and account fraud losses are expected to reach $25.6 billion in 2020
- 1.6% of annual global digital products revenue lost due to payment fraud.
- 8% of businesses suffered the same or higher fraud losses in the last year.
Organizations with an aim to stop the account Takeovers from happening to take an overly suspicious approach with all their users and treat all of them as potential criminals by implementing 2FA, MFA, Captchas, etc. This hampers the user experience and can lead to further losses to the organizations where users turn away to some other website or stop returning. This leads to a loss of revenue as well.
AuthSafe aims to solve all of these problems, in the next chapter we will explain how.