Account Takeover Fraud On The Rise

Ravelin the specialist in fraud detection and payment acceptance latest research has found that 52% of all online gambling firms have seen an increase in what is called “account takeover”. This means when a fraudster/hacker manages to gain access to a customers account that is not theirs to steal funds.

Further research from Ravelin has said that now 72% of all operators feel that “account takeover” is in their top three fraud related threats online to their business, while 29% of all surveyed believe it is their number one threat.

Interestingly the fraud detection firm found that only 64% of companies are checking customer email changes to their accounts, only 52% are checking and tracking logins and 48% on password changes.

Overall in Ravelin’s Online Merchant Perspectives, Fraud & Payments Survey 2020 report it found that gambling companies were found to be second in terms of attacks regarding fraud, with taxi companies being the number one target.

Ravelin chief information officer and co-founder Mairtin O’Riada, said: “Account takeover is an extremely worrying threat for merchants, consumers and banks because it’s hard to assign blame.

“Merchants therefore need to be able to be able to make smarter decisions using their data and shut down or temporarily freeze compromised accounts before cybercriminals have the chance to make fraudulent purchases.”

To Read the Full report from Ravelin click here