Intelligent CIO Europe Issue 65 | Page 40


‘‘ business

It is important to remember that these crimes have a real human impact .
while this example may be specific to social media , the sentiment is something we can all share . Whether it ’ s social media , FinTech , e-commerce or any other organisation with an exploitable user base , credential stuffing is a cat-and-mouse game that is here to stay – and with eyebrow-raising impact .
Javelin Strategy and Research in its 2021 Identity Fraud Study reported that account takeover ( ATO ) fraud resulted in over US $ 6 billion in total losses in 2020 . When companies create new defences , hackers develop tools to bypass these safeguards and the cycle continues .
So , how can businesses fight back ?
In a recent Aite Group report , risk executives from financial institutions , FinTech lenders and e-commerce companies were interviewed to learn how they were protecting themselves from the escalating volume of ATO attacks . Some of the key takeaways were :
Most consumers use the same usernames and passwords across websites , creating a vulnerability exploited by organised crime rings . The available attack surface continues to expand making detection and mitigation more complex . Organisations need a solution that leverages realtime data analytics to keep pace with automated attacks and block malicious activity before it affects the business . Firms with robust defences will see attack volumes decrease as criminals focus their attacks on easier targets .
Beyond the obvious bottom-line impacts of ATO attacks , it is important to remember that these crimes have a real human impact . Stopping fraud isn ’ t only about saving money . It is just as critical for preventing the kind of human trauma that is surreptitiously corroding the fundamental fibres of a more ideal digital future . Just like the physical world , what we want is safety , security and trust . p
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