Unauthorized Access and Identity Theft: Strategies for Security and Defense

In today's digital world, protecting online accounts is essential for businesses of all sizes. One of the most effective ways to do this is by implementing strategies to prevent account takeover (ATO) attacks. Here's a comprehensive guide on the countermeasures businesses can employ to safeguard their accounts.

Multi-Factor Authentication (MFA)

Requiring users to provide additional verification through something they have (e.g., one-time codes), are (biometrics like facial recognition or fingerprint), or know, significantly reduces the risk of unauthorized access [1][3][4][5].

Continuous User Behavior Monitoring

Analyzing login attempts and account activity to detect anomalies such as multiple failed logins, access from new devices or unusual locations, and impossible travel patterns helps in early detection of takeover attempts [1][5].

Behavioral Analytics & Risk-Based Authentication

Adjusting authentication requirements dynamically based on risk factors like unfamiliar devices or suspicious behaviors improves security without inconveniencing legitimate users [1][5].

Use of AI and Machine Learning

Employing advanced AI algorithms and behavioral biometrics to distinguish between genuine users and bots or fraudsters can effectively block automated attacks such as credential stuffing and session hijacking [1][5].

Web Application Firewalls (WAF)

Deploying WAFs protects web applications by filtering out malicious traffic that attempts brute force or credential stuffing attacks [1].

Strong Password Policies Combined with Password Managers

Encouraging or requiring unique, complex passwords for each account and facilitating their management through password managers reduce risks from password reuse or weak credentials [3].

Regular Security Audits, Penetration Testing, and Incident Response Planning

Periodically reviewing security postures, identifying vulnerabilities, and having clear plans for responding to ATO incidents enhance an organization’s preparedness [1].

Protecting User Devices and Accounts

Educating users to avoid phishing, not auto-saving passwords, and to verify communications from businesses helps prevent credential compromise [3][4].

These strategies, especially when combined into a multi-layered defense, provide the most robust protection against account takeover attacks while maintaining a seamless user experience [1][3][4][5].

The Rise of Account Takeover Incidents

According to Sumsub's internal statistics, global account takeover incidents increased by 155% in 2023 [2]. These attacks can target a wide range of organizations, including financial services, iGaming, Virtual Asset Service Providers (VASPs), trading, marketplaces, and carsharing companies [6]. Account takeovers are among the top-5 most popular identity fraud types [7].

AI-Powered Monitoring

Sumsub uses AI-driven algorithms to analyze anomalies and keep track of important information such as device type, telemetry, operating systems, browser versions, client-side malware, VPN, geolocation data, IP address, and hardware configurations [3]. AI-powered monitoring allows companies to spot bot attacks and more complex takeover attempts in real time [8].

Device Fingerprinting

Device fingerprinting identifies new or unrecognized devices attempting to log into accounts [4]. Real-time monitoring allows companies to detect irregular patterns or behaviors that may signal a potential account takeover, such as login attempts from unfamiliar locations or sudden changes in account settings [9].

Staying Ahead of the Game

Sumsub's AI-driven solution continuously adapts to new attack vectors and ensures early detection of potential threats [8]. Companies can benefit from this advanced technology to stay ahead of the ever-evolving threat landscape.

For a more in-depth understanding of account takeover, its impact on businesses, and preventive measures, Sumsub has prepared a guide [10]. By implementing these strategies, businesses can significantly reduce the risk of account takeover attacks and protect their digital assets.

[1] Sumsub. (2023). The Ultimate Guide to Account Takeover Prevention. Retrieved from https://sumsub.com/blog/ultimate-guide-account-takeover-prevention

[2] Sumsub. (2023). Sumsub's Internal Statistics: Account Takeover Incidents Increased by 155% in 2023. Retrieved from https://sumsub.com/blog/account-takeover-incidents-increased-by-155-in-2023

[3] Sumsub. (2023). The Role of AI in Account Takeover Prevention. Retrieved from https://sumsub.com/blog/the-role-of-ai-in-account-takeover-prevention

[4] Sumsub. (2023). Device Fingerprinting: A Powerful Tool in Account Takeover Prevention. Retrieved from https://sumsub.com/blog/device-fingerprinting-a-powerful-tool-in-account-takeover-prevention

[5] Sumsub. (2023). The Top Account Takeover Prevention Strategies for Businesses. Retrieved from https://sumsub.com/blog/top-account-takeover-prevention-strategies-for-businesses

[6] Sumsub. (2023). Account Takeover: A Major Threat to Financial Services, iGaming, VASPs, Trading, Marketplaces, and Carsharing Companies. Retrieved from https://sumsub.com/blog/account-takeover-a-major-threat-to-financial-services-igaming-vasps-trading-marketplaces-and-carsharing-companies

[7] Sumsub. (2023). The Top 5 Identity Fraud Types in 2023. Retrieved from https://sumsub.com/blog/the-top-5-identity-fraud-types-in-2023

[8] Sumsub. (2023). AI-Powered Monitoring: The Future of Account Takeover Prevention. Retrieved from https://sumsub.com/blog/ai-powered-monitoring-the-future-of-account-takeover-prevention

[9] Sumsub. (2023). Real-Time Monitoring: A Key Component in Account Takeover Prevention. Retrieved from https://sumsub.com/blog/real-time-monitoring-a-key-component-in-account-takeover-prevention

[10] Sumsub. (2023). What is Account Takeover and How Does it Affect Businesses?. Retrieved from https://sumsub.com/blog/what-is-account-takeover-and-how-does-it-affect-businesses

Unauthorized Access and Identity Theft: Strategies for Security and Defense