CFOtech Asia logo
Technology news for Asia's CFOs and financial decision-makers
Partner content
Story image

Sift shares crucial advice for preventing serious ATO breaches

By Mitchell Hageman
Fri 13 May 2022

Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide users in many situations with the tools and expertise to help launch them into the new era of account security.

Nowadays, it takes more than just usernames and passwords to protect valuable account data. There is now a significant focus on a layered security approach to stop account takeovers, with platforms needing to deliver a wide range of security features on multiple levels.

Many industries and enterprises are often severely affected by ATO, including financial institutions, retail companies and commerce operations. Threat actors use a variety of sophisticated techniques to gain important account data and are heavily succeeding.

According to Sift research, ATO attacks against the fintech sector alone soared 850% between Q2 2020 and Q2 2021, and in the recent 2021 Black Friday/Cyber Monday shopping period, account takeover fraud rates rose by a stunning 2,950% in the omnichannel retail sector.

Sift says the pandemic has only heightened these challenges, and as consumers rely more on online services, there becomes a reliance on digital accounts and the need to protect those accounts from cybercriminals who want to exploit them.

Often these accounts contain crucial information like stored value, payment information, demographics, and personally identifiable information (PII). A breach could lead to disastrous financial consequences and brand integrity failure, along with customer mistrust and possible legal issues.

Habits are also a significant factor mentioned in the report that could lead to a problematic ATO. Research from LastPass shows that 65% of people globally use the same password for every account they own, and this is the type of security layer that can commonly be breached quite easily.

Users should also be aware of fraud rings, like the recently uncovered Proxy Phantom. This dangerous threat leverages the Fraud Economy and the dark web to purchase millions of stolen username and password combinations, and use bots to test those credentials.

So what can you do to ensure you have a layered approach to stopping account takeover fraud? It’s often not as simple as updating passwords and hoping for the best.

The Sift report recommends an account security framework and strategy that uses the right balance of passive detection and Dynamic Friction to ultimately stop attacks from all vectors. 

The report goes into detail on the best strategies and how to implement them for your business, with a focus on content integrity, payment protection, Sift Connect integration and account defence. It also examines the benefits of Keyless Passwordless Authentication with the Sift Digital Trust & Safety platform.

This platform can help dramatically reduce ATO by:

  • Verifying users while eliminating the need for passwords.
  • Enabling intelligent step-up authentication using biometrics.
  • Protecting users’ privacy with proprietary, military-grade security.

To stop ATO in its tracks, businesses and users need an adaptable account security strategy that is focused on being cutting edge and comprehensive. Learn more about the helpful ebook here for more tips and advice.

Related stories
Top stories
Story image
Artificial Intelligence
SAS unveils AI experience to improve kids' batting abilities
SAS has created The Batting Lab, an interactive experience using AI, computer vision and IoT analytics to help kids improve their baseball and softball swings.
Story image
Safety
Voxel hits total funding of $18M following ongoing wins
Since raising its seed round in September, Voxel has grown at pace, by decreasing on-site injuries by upwards of 80% and increasing operational productivity.
Story image
Public Cloud
Cloud adoption still a work in progress, NetApp finds
NetApp has announced the results of the annual Cloud Infrastructure Report based on a survey of public cloud business and IT decision makers.
Story image
Artificial Intelligence
Clear Dynamics closes $35M funding round, invests in global growth
The funding is a major milestone and speaks to Clear Dynamics’ vision for AI-enabled ‘composable’ enterprise software, the company states.
Story image
Artificial Intelligence
SAS launches human-focused responsible innovation initiative
SAS has launched a responsible innovation initiative, furthering its commitment to equity and putting people first.
Story image
Employee Experience
Zendesk launches customer service and employee experience offering
"Zendesk is helping businesses embrace this new generation of conversational customer relationship management and turn customer service into growth.”
Story image
Microsoft
SAS Viya on Microsoft Azure to deliver 204% return - study
The Forrester Total Economic Impact study finds SAS Viya on Microsoft Azure brings a 204% return on investment over three years.
Story image
PwC
PwC named leader in worldwide cloud professional services
The latest IDC MarketScape report finds PwC to be a leading vendor in worldwide cloud professional services.
Story image
Fortinet
Fortinet sees 34% revenue increase in latest financial results
Fortinet has released its financial results for the first quarter ended March 31, 2022, seeing a total revenue increase of 34.4% compared to the same quarter last year.
Story image
3D Printing
Hubs report finds 3D printing market to triple by 2026
Hubs says it's annual 3D Printing Trend Report finds the market will hit $44.5 billion by 2026, based on a 24% compound growth.
Story image
Microsoft
Microsoft unveils adaptive accessories for disability access
Microsoft is introducing an expansive Inclusive Tech Lab to give people with disabilities greater access to technology through new software features and adaptive accessories.
Story image
Power / Energy
ESP acquires BraveGen in bid for energy efficiency
New Zealand company ESP has acquired BraveGen, to create what it says is the country's largest energy efficiency and sustainability solutions business.
Story image
Artificial Intelligence
ForgeRock releases Autonomous Access solution powered by AI
ForgeRock has officially introduced ForgeRock Autonomous Access, a new solution that uses AI to prevent identity-based cyber attacks and fraud.
Story image
SaaS
Cloudflare launches instant serverless database for dev teams
"Today we’re announcing our first serverless database which we expect will quickly become one of the largest databases in the world."
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Data Protection
Managed Service Providers key to customer data protection
Frequent cyberattacks in the ASEAN region drive the demand for MSPs that can deliver purpose-built security solutions for SME customers.
Story image
Artificial Intelligence
Updates from Google Workspace set to ease hybrid working troubles
Google Workspace has announced a variety of new features which will utilise Google AI capabilities to help make hybrid working situations more efficient and effective.
Story image
Digital Transformation
Finance, HR and IT leaders working to close acceleration gap
In the report titled 'Closing the Acceleration Gap: Toward Sustainable Digital Transformation', Workday sought to understand the pace of digital transformation.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Amazon Web Services / AWS
Databricks strengthens AWS partnership with new Lakehouse offering
Customers will experience faster onboarding and unified account administration to make building a Databricks Lakehouse on AWS easier.
Story image
SAS
New SAS service overcomes subscription fatigue for media companies
SAS has launched SAS 360 Match which helps media companies move towards a AVOD model to generate revenue as subscribers cancel.
Story image
Fastly
Fastly named 2022 Gartner Peer Insights Customers’ Choice
Fastly has announced it has been named a Customers' Choice in the 2022 Gartner Peer Insights "Voice of the Customer": Global CDN.
Story image
Phishing
Google reveals new safety and security measures for users
Google's new measures include automatic two step verification, virtual cards and making it easier to remove contact information on Google Search results.
Story image
Workflow Automation
Nintex named a Leader in Workflow and Content Automation
Aragon Research has named Nintex a Leader in Workflow and Content Automation (WCA) for its consistent product innovation and market leadership.
Story image
Artificial Intelligence
SecureCo and IBM partner to deliver Intelligent Voice Platform
The partnership addresses the growing number of businesses seeking to digitally transform, by enabling operational optimisation and adaptive CX.
Story image
Sustainability
Schneider Electric’s new solutions for net-zero carbon buildings
Schneider Electric announces two new offerings to tackle building sustainability and efficiency while also enhancing occupant comfort.
Story image
Excel
Could your Excel practices be harming your business?
While Excel has been the de-facto standard for budgeting, planning, and forecasting, is it alone, enough to support organisations in the global marketplace that’s facing rapid changes due to digital transformation?
Story image
Mobility
Hands-on review: STM laptop bags
The advent of hybrid working has meant we need laptop bags. We got our hands on two of the most popular laptop bags from STM.
Story image
Hybrid Cloud
Red Hat and Accenture expand alliance for hybrid cloud
Red Hat and Accenture have announced the expansion of their partnership, collaborating on new offerings to assist businesses in their cloud continuum operations.
Story image
Sustainability
AyalaLand and FLOW partner for data center development
AyalaLand Logistics Holdings Corp (ALLHC) and FLOW Digital Infrastructure have entered into a framework agreement to bolster the development of carrier-neutral data centers in the Philippines.
Story image
Avaya
Avaya OneCloud sees 118% ARR growth for second quarter 2022
Avaya Holdings has reported $750 million annual recurring revenue (ARR) for its OneCloud offering, up 21% sequentially and 118% from the same period last year.
Story image
Microsoft
Microsoft unveils three new security managed services
Security Experts includes three new managed services, Defender Experts for Hunting, Defender Experts for XDR, Security Services for Enterprise.
Story image
Jabra
Jabra investigates what makes an ideal hybrid work model
“The way we work has changed forever and the current state of knowledge work requires access to digital platforms and technologies to be successful."
Story image
Tech job moves
Tech job moves - Datacom, Micro Focus, SnapLogic and VMware
We round up all job appointments from May 6-12, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Appian
Appian awarded billions in damages against Pegasystems Inc.
Appian has been awarded USD$2.036 billion in damages against Pegasystems Inc as the result of a jury verdict in the Circuit Court for Fairfax County, Virginia.
Story image
Remote Working
IT teams deploy powerful technologies to enable remote work
"We found that IT teams mastered the challenges of remote work last year in large part by employing powerful yet easy-to-use technologies."
Story image
Remote Working
How organisations can meet employees' changing expectations
The global employment market has shifted dramatically in favour of employees, sparking the so-called great resignation, in which people are leaving unsatisfying roles in search of greener pastures.
Story image
Telecommunications
APAC spending on telecom services grew by $11 billion - IDC
The IDC says spending on telecommunications and pay-TV services in APAC jumped from $494 billion to $505 billion last year, following global trends.
Story image
Talend
Talend introduces new data health solutions for businesses
Talend has announced its latest version of Talend Data Fabric, with the release of Talend Trust Score enabling data teams to establish a foundation for data health.
Story image
Sustainability
RDA and MVGX partner for sustainable data center development
Red Dot Analytics (RDA) and MetaVerse Green Exchange (MVGX) have entered a strategic partnership to make Singapore's data center development and operations more sustainable.
Story image
Wasabi Technologies
Wasabi opens new cloud storage in Australia with Equinix
Wasabi Technologies has opened a new hot cloud storage region in Sydney, Australia, using Equinix services. This is the company's 12th global storage region.
Story image
Open banking
A look at the rewards and risks of open banking - report
RiskBusiness says its report on open banking finds that while it holds much potential, financial services firms need to ensure they have robust, risk processes.
Story image
Digital Transformation
Unlocking the next digital frontier for educational institutions
Understanding where to invest in technology can be challenging for education institutions, especially after the COVID-19 disruptions.
Story image
Kodari Securities (KOSEC)
NFT trends and opportunities: expert reveals all
The NFT market is growing at an exponential rate, with unprecedented liquidity. Here we explore how businesses can profit.