In 2011, the FFIEC issued guidance requiring financial institutions to beef up their online authentication and fraud prevention efforts. Yet today, account takeover is more rampant than ever. Professional cybercrime crews easily circumvent common anti-fraud measures to steal millions from banks and credit unions.
A study conducted in 2013 found that losses due to Account Takeover Fraud grew at an alarming 69% annually, signaling that a more robust strategy is needed to combat ATO.
Read this white paper to understand:
- How professional cybercriminals attack and evade common anti-fraud controls;
- Why banks and credit unions are at a critical disadvantage against cybercriminals;
- How to implement a proactive and robust fraud prevention strategy that aggressively fights to stop ATO attacks.