Account Takeover Attacks Increased by 131% in H1 2022

Cyber crime comes in a lot of different forms, but perhaps the most cyber attacks of all involve account takeovers. This is when malicious actors conduct identity fraud to gain illicit access to someone’s online accounts, and it can be truly disastrous for the victim in question. A new report from Sift just revealed that there was a massive increase in account takeover attacks, or ATOs for short, in the first half of 2022.

With all of that having been said and now out of the way, it is important to note that ATOs saw an incredible 131% increase in the first six months of 2022. Such activities have seen a lot of growth since 2021, which indicates that the criminals behind these attacks are starting to develop increasingly advanced methods to get the job done.

The crypto community has been especially badly hit by these attacks, which might make crypto investing harder than might have been the case otherwise. There was a 79% YoY increase in ATOs targeting crypto users with all things having been considered and taken into account. Recent seismic shifts in the crypto market have made a lot of people ignore their digital wallets. That has given malicious actors the opportunity they need to break in and steal their money.

Businesses who offer online accounts to users are at risk because of the fact that this is the sort of thing that could potentially end up making consumers lose trust in them. 43% of the people who responded to this survey said that they would stop buying from a brand if they suffered an ATO on their accounts.

Developing more robust cybersecurity infrastructure will be essential for corporations moving forward. Failing to shore up their cybersecurity could result in a rapid erosion of public trust, but in spite of the fact that this is the case most businesses don’t seem to be prioritizing this as much as they should. Hackers are using a variety of methods and apps to coordinate massive attacks on a grand scale, and things will get worse if necessary steps are not taken.

Read next: Nearly 60 Million Malware Samples Targeted Windows in 2022
Previous Post Next Post