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In an environment where fraud is evolving every hour, organizations must watch the below-given trends in fraud and breach prevention to take measures to protect their respective organizations from any issues and attacks.
FREMONT, CA: As more and more operations are being taken online, digital accounts' value increases. Fraudsters and cybercriminals have long taken note. And while account takeovers (ATO) are nothing new, the enterprises can continue to see an explosion of methods and techniques used to steal login credentials. The problem is terrible across all verticals.
While the organizations spend millions on preventing chargebacks and transaction fraud, ATOs aren't taken as seriously as possible. It results in generating a perfect atmosphere. Fraudsters have access to an increasingly sophisticated tool to access all the data transferred to a website, including login and password details, illegally, of course.
Phishing is also foreseen to evolve dangerously in the category of new worrying fraud trends. The organizations and individuals are losing valuable assets without giving away passwords. It is also a sign of an increase in the sophistication of phishing fraud techniques.
Over the past years, the firms have uncovered phishing techniques from hackers and fraudsters, including the creation of fake job posts to applicants' data, and collecting phone numbers for SIM jacking, which results in multiple accounts takeovers.
In 2020, more than ever, organizations and individuals will need to ensure they are vigilant at all times to avoid giving away information that could hurt them.
Last year was a record-breaking one in online fraud, but sadly for the wrong reasons. New technologies are used for malicious purposes and more confusion, which fraudsters used to their advantage to steal data, valuable online accounts, and, eventually, money.
This year will be unlikely to look much better on that front, especially with an increase in the sophistication and quantity of phishing and ATO attacks.
But one thing is sure; the firms will continue to keep track of all the new tools and fraud trends used to attack so they can help themselves to prepare and mitigate risk and grow safely, well in 2020 and future years.