Account Takeover Attacks: Many Merchants Are Unprepared

Monday, June 8th, 2020

Account takeover (ATO) attacks are bad both for you and your customers. They cause harm to your company’s reputation and bottom line. The number of merchants unable to protect themselves against these attacks isn’t small. Let’s go deeper into the topic and see how you can find the most secure merchant accounts in the U.S.

Merchants Vulnerable to Account Takeover Attacks

An account takeover attack is when bad guys access a legitimate customer’s online store account and use sensitive data for fraudulent purposes. The recent survey by payments company Riskified shows that:

• 66% of merchants and 69% of customers are worried that their accounts could appear in hackers’ hands
• Lots of merchants don’t have appropriate security measures in place
• At least 10% of the accounts have been targeted by ATO attackers during the past 12 months, according to 35% of merchants
• 24% of merchants can’t identify this type of attacks while a purchase is being completed
• 2 in 3 customers wouldn’t continue making purchases at an online retailer when  faced with fraud
• 54% of customers wouldn’t keep their account, and 39% would choose a competitor

And more.

How to Find the Most Secure Merchant Accounts in the U.S.

Online fraud is on the rise all over the world. To stay away from ATOs, you should use as much available data as possible. E.g., it’s important to monitor the device and network details, as well as look at the proxy usage and previous logins.

To find the most secure merchant account providers in the U.S., consider working with BestPaymentProviders.com. Best Payment Providers U.S. is a trustworthy merchant services comparison expert that’s focused on terms, complaints and integration. With Best Payment Providers U.S., you can be sure to get easily approved for exceptional fraud prevention and chargeback mitigation services for merchant accounts.

To avoid ATOs, you should ensure that all the steps of the shopping journey are completed properly without any doubtful activities. By having the right teams and solutions that manage these processes appropriately, you can reduce risk and enjoy higher revenue.

So, bad actors are more and more often targeting financial services customers with an account takeover. To avoid falling into their trap, use the right security measures and work with secure merchant processors.