Account takeover and fraud schemes are costing consumers, banks, retail organizations, healthcare and other online businesses billions of dollars each year. What’s more, the cost of these attacks is on the rise—according to Riskified, losses from account takeover rose 122 percent from 2016 to 2017 and increased by 164 percent the following year.
Threat actors have devised simple and extremely effective means of using stolen passwords from a breach at one institution to take over accounts at numerous other businesses all over the Internet. While security leaders are aware of this risk, they’re in a difficult spot trying to address the threat without introducing friction into the customer experience. Organizations can’t afford to ignore the growing risks associated with account takeover (ATO). But at the same time, it’s critical that they handle ATO without chasing their users away by providing a poor customer experience at login.