What Is Account Takeover Fraud?
Account takeover fraud refers to the unauthorized access of another person's account to obtain products or services fraudulently. In many cases, cybercriminals use account takeover fraud to transfer or withdraw money from the victims accounts.
Cybercriminals use various methods to acquire a victims account information including email phishing scams where they send legitimate looking emails to trick the victim into entering their account information on a fraudulent website or to install malware onto the victims computer in order to steal their account information and takeover their accounts.
How iovation Detects & Prevents Account Takeover Fraud
iovation’s device-based authentication solution delivers exceptionally strong security without adding friction to your users’ experience and helps detect and prevent account takeover fraud.
Your customers’ devices change over time. We understand the difference between normal changes and changes that indicate risk, leveraging that to link customers’ devices to their accounts, providing an invisible layer of defense against account takeover. This works side-by-side with your existing technology by using the device as a seamless second factor of authentication, streamlining the experience for customers while reducing the number of challenges presented to them, all without requiring personally identifiable information.
While iovation’s fraud prevention service tells you whether or not the device is “good” or “bad” (along with the risk level and other granular details), our customer authentication service tells you whether or not this is your actual account holder which helps prevent account takeover fraud.
There is simply no better solution for balancing positive customer experience with strong security. By delivering a one-factor experience with two-factor security, it greatly reduces the risk of account takeover and gives your customers confidence that their important accounts are being protected.
iovation’s patented device matching technology verifies a user’s identity by matching device fingerprints with a high degree of accuracy, and explicitly pairing known good Device IDs with the user's account. Your customers can choose to indicate which devices they want associated with an account and used at login, or you can register accounts and devices automatically on behalf of your customers.
Other device-based systems simply cannot keep track of the natural drift caused by updates, new apps, or even new fonts. iovation’s fuzzy matching technology takes expected changes into account to minimize unnecessary “negative” responses and create “acceptable risk” boundaries. As a result, you can maintain a high level of authentication accuracy over time and reduce consumer challenges.
Watch the video below to see how iovation multifactor authentication and fraud prevention solutions help prevent account takeover fraud.