September 30, 2020 | technology | No Comments
ATO is the weapon of choice for fraudsters leading up to the holiday shopping season, new data from Sift shows, and consumers place account security burden on businesses.
Account takeover (ATO) fraud attempts to steal from consumers and e-commerce merchants swelled 282% between Q2 2019 to Q2 2020, new data from digital trust and safety provider Sift finds. The ATO rate is the ratio of attempted fraudulent logins over total logins. ATO rates for physical e-commerce businesses jumped 378% since the start of the COVID-19 pandemic, Sift’s Q3 2020 Digital Trust & Safety Index found. This indicates that fraudsters are leaning heavily on this attack vector to steal payment information and rewards points stored in online accounts on merchant websites, according to the company.
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The index includes analysis from Sift’s global network of 34,000 sites and apps and from a