Security threats in the digital world are drastically changing in an ever-connected world. Account takeover fraud is one of the most harmful types of cyber fraud, as it is a silent and sophisticated type of attack that may result in severe outcomes to both individuals and companies.
Since the development of AI-based technologies such as deepfakes introduces additional levels of complexity to the fraudulent activity, the necessity of highly advanced deepfake-detection tools and account security mechanisms has never been as high as it is now. In this blog post we will deconstruct what account takeover fraud is, how it functions and how tools such as deepfake detection software can be crucial in preventing it.
What is the Account Takeover Fraud?
Account takeover fraud (ATO) is a type of fraud where a hacker uses the unauthorized access to the account of someone, which can be a banking app, email, or a social media account, and performs fraudulent activities. On entry, the attackers can:
Hack personal data
Make unauthorised transactions
Lock the owner out of his or her rights
Attack other users who are connected to the network
Account take over is particularly threatening since it is usually undetected until it has caused considerable harm. The victims might not be aware that they have been compromised until they notice unusual activity, notices by banks or complaints by friends.
The Account Takeover Fraud How It Occurs
There are different methods used to hijack accounts by cybercriminals. The most common ones are the following:
1. Credential Stuffing
Attackers obtain stolen usernames and passwords or other sensitive information in previous data breaches and test them on different platforms with the hope of finding a user who reuses his or her credentials.
2. Phishing Attacks
Users are made to surrender their logins through fake emails, messages, or websites.
3. SIM Swapping
The scammers steal the phone number of an individual and exploit it to bypass the two-factor authentication (2FA) systems.
4. Social Engineering
Attackers can manipulate and impersonate to get support personnel or users to provide them with access.
5. Deepfake Technology
More and more fraudsters are turning to deepfake video and audio to disguise themselves as someone the user trusts- a company executive, or a support agent- in order to trick them into sharing sensitive access credentials.
It is here that deepfake detection comes in handy.
The Deepfakes in Account Takeover
Deepfake technology has shifted to being a legitimate threat in the cyber world. Using this voice-faking technology, faces, and mannerisms, deepfakes are becoming involved in highly sophisticated social engineering assaults.
Consider a video call you get, where the voice and face of the person on the other side resemble your boss, requesting to gain access into a cloud account with a password. This cannot be a farfetched scenario with convincing deepfake video or audio.
The new way of attack has turned deepfake detection tools into a crucial line of defense against account takeover fraud.
The ways Deepfake Detection May Assist
So what is Deepfake Detection?
Deepfake detection refers to the analysis of a piece of media such as image, audio, or video to understand whether it is artificially produced or altered with the help of AI.
Deepfake detecting software identifies the discrepancies in voice tone, facial motions, blinking, lighting and others with the help of machine learning algorithms.
When incorporated with cybersecurity solutions, such tools are able to automatically detect suspicious audio or video content that is deployed in illegal communication.
ATO and Business: High-Risk Target
Account takeover fraud is one of the main targets of business since it has access to financial information, intellectual property, and sensitive customer data.
Targets are usually:
HR systems
Executive email accounts (particularly executives)
Cloud storage of files
Social media accounts of corporations
Crypto or banking wallets
Voice cloning is already being used by deepfake fraudsters to imitate CFOs and CEOs to bypass wires or to obtain access to inside information.
That is why deepfake detection software is progressively being included into enterprise-level cybersecurity solutions.
Account Takeover Fraud Prevention
For Individuals:
Create Powerful, Distinct Passwords Never use a password in more than one account.
Turn on Multi-Factor Authentication (MFA) – Activate app-based authentication and not just SMS.
Look at Emergent Requests with Suspicion – (Even when they appear genuine, check on your own).
Monitor Account Activity Regularly Get logins and changes.
For Businesses:
Deepfake Detection Implementation- Employ technology that scans video/audio communications to detect authenticity.
Train Workers- Train the workers to identify deepfake and phishing tricks
Invest in Behavioral Analytics-Watch out on abnormal log-ins or access patterns.
Apply Identity Verification Tools (Particularly onboarding remotely and internal access requests).
Final Thoughts
Businesses and individuals are forced to increase their defense strategies as account takeover fraud become more advanced, particularly use of deepfakes. Passwords are no longer enough to secure access to what, previously, could be secured with a password.
The future of cybersecurity is upon us and it now encompasses deepfake detection software as one of its first lines of defence. It does not matter whether you are a tech company, finance team manager, or even just managing your personal account, it is never too late to take care of it.
