What Happens During an ATO See Top 3 Ways to Manage Account Takeover Prevention

1. What Happens During an ATO See Top 3 Ways to Manage Account Takeover Prevention

2. Before we carry on, will you please answer us a question? What do you think is more important between customer acquisition and customer trust for a business owner? “Now,” if you choose the former, the chances are high that you will achieve success down the line. But, if you choose the latter, you can accomplish success sooner than later. Now you might be thinking, why did we say that, right? So, let’s understand how sales and repeat sales work. Suppose you are an ecommerce site owner “who” is generating first-time sales “greatly” but grappling with the repeat ones. Now, why is it happening, can you guess? Well, maybe your payment systems are not safe enough, and buyers think they may lose their money on your site, resulting in the loss of their trust. Thus, your sales might cease, your cash flow may reduce, your business growth may stop, and you might become bankrupt down the road. On the flip side, if you put your shopper’s trust on priority by making your payment systems “stronger” than ever, the results could change. “So, what will happen next?” you might ask. Well, you can acquire new and repeat sales through word-of-mouth marketing, even though you don’t invest massively in “giant” advertising campaigns. Now, the question emerges, “how to make my payment programs “extremely” robust so that no one could hack it ever in the future?” Well, that’s where online fraud prevention companies come in who helps you manage account takeover prevention. So, are you curious to know what it is and why you need to opt for it? If yes, we will help you garner the “information” about “how” to manage account takeover prevention in the next section of this blog. Before that, let’s see: What is Account Takeover or ATO? The Account Takeover is a form of identity theft and fraud to online customers, where hackers gain access to their account credentials with the help of some malicious tactics. Once they have the personal and financial data of their “targetbuyers,” they make the most of it to make fraudulent transactions, like buying expensive gifts for their friends and themselves. Got it? Now, let’s move to another topic, i.e.,

3. What happens during an Account Takeover? Once the people with malicious intent break into your fragile account takeover protection, they start accessing your consumer’s account using different ATO attack techniques and carry out all the wrongful tasks smoothly. For example, they can perform all the fraudulent jobs, like: 1. Change the user’s account password so the “main” owner can’t access it 2. Modify the shipping address as quickly as possible, suiting their “own” interest 3. Make pricey purchases to fulfil their individual needs 4. Withdraw money from the user’s account, sometimes, if they find it possible Now, being an ecommerce business owner, you might have to sift through various negative experiences if ATO occurs too frequently on your site. For instance, the transaction disputes among your customers will increase dramatically along with the cases of chargebacks. So, if you don’t manage account takeover prevention excellently, it could lead to “customerchurn” sooner than later due to the lost trust of your buyers on your ecommerce site. And that’s not all; if the ATO attacks keep happening repetitively on your site, it may eventually damage your brand permanently without you even knowing about it. Besides this, do you know the worst part of an account takeover attack? “Well,” in most cases, the ecommerce site owners remain unable to detect the attack unless and until their consumers inform them about the same. And in “case” you don’t know what the term “customerchurn” means in the above context, we must tell you it is the rate at which buyers stop purchasing things from a particular entity due to some issues in the company-customer relationship. Ok? Got it? Now, let’s peep into:

4. What could be the additional drawbacks of Account Takeover Attacks? Believe it or not, the chargebacks that often results from Account Takeover Attacks could emerge as a “serious” bane for ecommerce site owners, particularly when you have tied up with a third-party payment gateway for revenue collection. Remember, when your chargeback rate becomes high (like when you process more chargebacks than the total number of sales), your payment gateway service provider may upsurge your transaction fees, leading to unexpected financial losses again. In short, ATO attacks can be “very” detrimental to your brand’s health and might damage your customer trust forever. So, let’s see how you can prevent it now: What are the best ways to Manage Account Takeover Prevention? 1. Check for compromised credentials The “first thing” you can do to prevent account takeover is to compare the new user credentials with a breached credentials database to be aware of when a specific user signs up with the familiar breached credentials. If that’s not all, you can also keep checking your database daily to know when the information of your existing users got compromised so that you can send them a notification instantly. 2. Set rate limits on login attempts Another thing you can do to stop account takeover is limit the login attempts of your existing customers based on their IP address, username, and device. 3. Send users notifications of account changes Lastly, you can keep your consumers informed about any change made to their account by sending them quick notifications about it. This way, even if the malicious actors’ gain access to your buyer’s account, the potential damage could get reversed or minimized at least.

5. Lastly, you can keep your consumers informed about any change made to their account by sending them quick notifications about it. This way, even if the malicious actors’ gain access to your buyer’s account, the potential damage could get reversed or minimized at least. The end remarks We hope you learned scores of things through this blog post, whether it is the definition of account takeover, the consequence of its occurrence, or some prevention tips. So, if you found this content informative and “useful” for your business purpose and want to get solid ATO attack prevention services now, please get in touch with the most trusted fraud prevention company in the USA.

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