Prevent & Mitigate Account Takeover Fraud
Intelligence-based fraud detection at every step of the user journey protects customers from account takeover
What is Account Takeover Fraud?
Account takeover (ATO) fraud is a rising crime in which fraudsters illegally log onto someone else's online account, often by stealing their login credentials. In fact, one-third of financial institution and fintech login attempts are fraudulent.
Financial and retail ATO are particularly high-risk due to the sensitive data that can be exploited. From bank accounts to online shopping accounts, this threat impacts all industries and can cause lasting harm to individuals and the companies they work with.
The Importance of Safeguarding Accounts
Protect Sensitive Account Information
Customers trust companies to protect their financial and personal data. Keeping account information safe is crucial for brand reputation and customer retention.
Mitigate Financial Risk
Prevent fraudsters from illegally using your customers' financial accounts and stored payment information. Otherwise, you may be liable for unauthorized transactions.
Ensure Regulatory Compliance
Avoid legal penalties and fines by having a robust account takeover protection solution in place. As cyber threats continue to evolve daily, so must your security strategies.
Maintain Brand Reputation
Safeguarding customer online accounts is essential for brand reputation. Customers who have been victims of fraud are likely to change to a competitor they feel will better protect them.
Enhance User Experience
A robust account takeover fraud solution can create an easier, smoother experience for real customers by using ongoing monitoring tools to analyze data and put security challenges in front of suspicious users.
Defense Against the Most Common Threats
Automated Attacks
Prevent scripted, high-volume attacks that make it easier to break into your customers' accounts. Ping Identity recognizes suspicious patterns like spikes in page views, unfamiliar referral traffic, and abnormal traffic sources.
Stolen Credentials
If a fraudster is attempting to log in using stolen credentials, Ping Identity can detect the attack by looking at various factors such as location, device info, signs of automation, and even behavioral anomalies.
Fake & Tampered Devices
Identify fake or tampered devices by looking at device telemetry and attributes.
Session Hijacking
Protect authenticated user sessions from being hijacked by attackers who steal valid tokens and bypass the login process completely.
MFA Bombing
Fraudsters perform MFA bombing to overwhelm users into finally approving a login request. Prevention tactics from Ping Identity include implementing time-sensitive prompts and limiting push notifications.
Phishing
Phishing can lead to various attack vectors that can be difficult to detect and can bypass most MFA. Review device data and inspect authentication and registration requests to identify anomalies and stop these attacks in real time.
How Ping Identity Prevents Account Takeover
Behavioral Biometrics & Bot Detection
Real-time detection prevents bots from causing lasting damage. Ping Identity helps distinguish human users from automated attacks, and builds in automated responses to block bots, along with incorporating challenges and MFA for a comprehensive detection strategy.
Behavioral Anomalies (UEBA)
User and Entity Behavior Analytics learn a customer’s baseline behavior over time and can identify deviations from the norm, allowing for stronger security measures to trigger when a login attempt seems suspicious.
Location Intelligence
Identifying user location indicates whether access should be blocked or if a higher level of assurance is required. Different authentication options are offered depending on the assessed risk level.
Identity Proofing
Incorporate live selfies and government ID verification to confirm user identities and prevent account takeovers. Liveness technology is more difficult for bad actors to overcome compared to data-centric identity verification.
Strong Device Identification
Strong Device Identification looks at deviceID or an external attribute like an app installation identifier to identify a trusted device.
Velocity Checks
Velocity checks incorporate Ping Identity's Impossible Travel Time policy. Access is denied if separate login attempts are made from different locations that logistically don't make sense.
Multifactor Authentication (MFA)
Call for additional authentication in high-risk situations by sending a one-time code or link, or requiring a fingerprint of FaceID. Choose the right MFA method for your business and users, and call for MFA when a login attempt seems risky.
Passwordless Authentication
Users can log in via magic link, QR code, or biometrics instead of remembering a username and password. Passwordless makes logging in more secure by default by eliminating credentials that can be easily stolen or guessed via methods such as password cracking.
FAQs About Our Account Takeover Solution
Common account takeover threats include phishing, credential stuffing, data breaches, and password spraying.
Ping Identity stands out from competitors by incorporating identity and access management (IAM), online fraud detection, identity proofing, and orchestration in a single platform. Ping’s solution allows for external risk signals in addition to our own robust detection tools to ensure better detection accuracy. Ping can also handle real-time mitigation and help build counter-fraud measures directly into user journeys, leading to better experiences for real customers without letting fraudsters in.
Yes, some industries are more vulnerable to account takeover than others. High-risk industries include financial services, retail and ecommerce, social media, higher education, and healthcare.
Customers already on the Ping Identity Platform can configure the adapter and deploy the solution in minutes. This timeline may vary based on the complexity and number of policies, but generally the process is quick and relatively simple. For customers who do not currently use the Ping Identity Platform, other options such as API or mobile SDK are available, and deployment timelines may vary. Note that the Ping Identity Platform offers over 1,800 IAM integrations out-of-the-box, making it easy to incorporate Ping’s solution with existing systems.
Ping's support portal includes a case submission form, case status and history, security advisory history, license history, and more. Security Level 1 requests are supported 24/7/365 while all other support needs are handled within 24 hours on business days.
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