When was the last time you thought about how many accounts you have online? Between digital banking, online shopping, and your various social media accounts, it’s probably a lot more than you would expect. Online account takeovers are one of the fastest-growing threats in the digital landscape. Read on to learn how online account takeovers happen, their impact, and actionable steps to keep your accounts safe.
How Online Account Takeovers Happen
An account takeover involves cybercriminals gaining unauthorized access to your online accounts.
Once inside, they can:
- Steal sensitive data
- Make unauthorized purchases
- Use your account for phishing scams
Attackers can gain access to your accounts using a variety of methods. Here are the most common:
Credential Stuffing
Oftentimes attackers obtain large numbers of usernames and passwords from data breaches. They then use automated tools to “stuff” these credentials into as many different sites as possible. The success of these attacks is a result of reusing usernames and passwords across accounts.
Phishing Attacks
Phishing schemes trick users into sharing sensitive information like usernames and passwords. These attacks often involve fake emails or websites that look convincingly real, tricking victims into revealing their login credentials.
Malware
Malicious software can infect devices and steal personal information, including login credentials. This can be downloaded by clicking on links or files in emails, or by visiting unsafe sites. They then use techniques like keystroke logging to steal your credentials.
Steps to Preventing Online Account Takeovers
Step 1. Use Strong, Unique Passwords:
You’ve probably heard it dozens of times, but that’s because it’s the first, and best, line of defense when protecting your accounts. Create strong passwords, and don’t repeat them across your accounts.
Best practices:
- Create complex passwords that incorporate upper and lowercase letters, numbers, and special symbols.
- Use a password manager to track and generate secure login credentials.
- Avoid common phrases, predictable patterns, and reusing passwords across different sites. Some of the most common (and easily guessable) passwords include variations on 1234, qwerty, P@ssw0rd, or other similar overused options.
Step 2. Enable Multifactor Authentication (MFA):
Whenever possible, enable multifactor authentication. With MFA, even if someone steals your password, they’ll need a secondary authentication factor, like a text message or app-generated code, to access your account, making it much more difficult to gain unauthorized access. At Signal Financial, we provide easy and seamless fraud protection that allows you to protect your online banking account. Visit our Online Banking How To’s Page to learn how to set up two-factor authentication on your online banking account.
Step 3. Set Up Alerts:
Many online accounts offer alerts to notify you of unexpected or suspicious activity. Both mobile and online banking offer a variety of alters to let you know about things like password or contact information changes, or a sign-on from a new device. With our online and mobile banking app, you can set alerts for logins, transactions, account activity, and more, giving you added protection and peace of mind over your account and funds.
Step 4. Monitor Account Activity:
Regularly review your accounts for any unusual or suspicious activity. Many apps will give you an option to view which locations/devices are signed into your account. Check these lists on a regular basis to look for suspicious activity.
- Devices you don’t recognize.
- Access from strange locations.
- Changes you didn’t authorize.
Step 5. Be Cautious About Public Wi-Fi:
Public Wi-Fi is convenient-but not always secure. Attackers can intercept your data if you’re not careful. If you must, use a VPN to encrypt your connection.
Online account takeovers are becoming more common-but they’re also preventable. With just a few proactive steps, you can dramatically reduce your risk.
This article was originally shared via our education partner, MoneyIQ.
