fraudulent takeover of an account. It’s typically linked t

 

Meaning of Account Hacking

This is the fraudulent takeover of an account. It’s typically linked to an eCommerce or financial service platform. find An unauthorized third party gains the logins required to access that account. 

From there, the fraudster is able to change the delivery address for products. The fraudster can also order shipments to be v house charged to other people’s accounts. This is either carried out by human agents or software bots. 

There are a number of ways that this account hacking can happen.

§  Credential Cracking

This is when bots are used to gain entry into an account using legitimate login details. This can be done using guessi business ng strategies for the password or brute force. It’s usually characterized by an increase in invalid login attempts by the user. 

Credential cracking is done using a list of common passwords, guesswork, or brute force attempts. The merchant can notice this method the easiest, due to the numerous failed login attempts.

§  The Breach, Credential Stuffing, and Financial Transaction

This is a three-part account theft. It takes advantage of users who use the same password for multiple platforms. The hacker will breach one website to get the usernames and passwords of multiple sites: “The Breach”. 

Hackers then use these on other websites to find which logins work:  “Credential Stuffing”. The hackers will often sell these details to other criminals. As opposed to doing the takeover themselves. This sale is the actual “financial transaction”.

How Account Fraud can Harm Your Brand

Merchants are at particular risk when it comes to an account takeover. With a faceless hacker, their customer can resort to blaming the merchant site. This loss of trust is very damaging to the reputation of a brand. 

Also, stolen business credentials can be sold to competitors. This is a nightmare for any business owner who has worked hard to build up their brand. Compromised trade secrets can cause irreparable damage.

The two-fold problem faced by merchants

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