IT Brief Asia logo
Technology news for Asia's largest enterprises
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
Tech job moves
Tech job moves - Adatree, Brother, Databricks, Nutanix & Rubrik
We round up all job appointments from May 20-26, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Customer experience
The importance of service level management to customer experience
Staffing shortages have impacted site reliability engineers in particular since they are under extreme pressure to ensure that digital assets perform at optimum levels 24/7.
Story image
DevOps
Deloitte expands cloud observability practice with Dynatrace
Deloitte is expanding its cloud observability practice, including DevOps principles, AI/ML, cloud complexity management and software engineering.
Story image
Contact Centre
Leveraging technology in contact centres to reduce attrition rates
Many organisations worldwide have accelerated DX to better respond to changing market drivers and business environments after the disruption of the pandemic.
Story image
Managed service provider
Barracuda MSP Day 2022 highlights MSP opportunities
Barracuda Networks has released a report showing global services-related MSP revenue is set to increase by more than a third in 2022 compared to 2021.
Story image
Digital Transformation
Digital transformation increasing business complexities
A new survey suggests businesses must re-examine their digital transformation approach to better help employees adapt to change.
Story image
GapMaps
GapMaps Live to improve brand decisions on physical locations
GapMaps has released its latest service GapMaps Live, giving more insights and features to help brands make better decisions about physical locations.
Story image
DaaS
NetApp launches Spot PC, a new Desktop-as-a-Service solution
This is a new managed cloud DaaS solution with security, automation, observability and optimisation capabilities, designed for the needs of today.
Story image
Microsoft
Microsoft previews Power Platform website design offering
Microsoft has announced the preview of Power Pages, the fifth product in its Power Platform family, designed for low-code makers and professional developers.
Story image
Cyber attacks
Devastating cyber attacks expected to hit energy sector
Energy executives anticipate life, property, and environment-compromising cyber attacks on the sector within the next two years.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Artificial Intelligence
Gartner reveals top three tech trends for banks this year
Gartner says generative artificial intelligence, autonomic systems and privacy-enhancing computation are gaining traction in banking and investment services.
Story image
Microsoft
Elevation of Privilege the top 2021 Microsoft vulnerability
BeyondTrust has released its 2022 Microsoft Vulnerabilities Report, finding that Elevation of Privilege is the top vulnerability category for the second consecutive year.
Story image
Digital Signage
MAXHUB's Digital Signage range to bolster boardroom productivity
The new MAXHUB Digital Signage technology is purpose-built to make every kind of team meeting more effective.
Story image
MEC
MEC spending for private cellular networks to reach $5.8b
A new ABI Research report finds the revenue for Multi Access Edge Compute (MEC) deployments for private cellular networks will reach USD$5.8 billion by 2030.
Story image
Kubernetes
Sysdig unveils new Kubernetes troubleshooting and cloud innovations
Sysdig has introduced two new innovations that look to help bolster cloud services and simplify Kubernetes troubleshooting.
Story image
BYOD / Bring Your Own Device
How zero trust can lead the battle against ransomware
SecOps teams champion a zero trust strategy to support the fight against the escalating risk of cybercrime and help monitor threat actors across a network.
Story image
Hybrid Cloud
Barracuda expands cloud-native SASE platform
"The expansion of Barracuda's cloud-native SASE platform for hybrid deployment models and IIoT environments solves a number of challenges."
Story image
Ransomware
APAC organisations fail to disclose ransomware breaches
85% of organisations in APAC were breached by ransomware at least once in the past five years, but only 28% publicly disclosed the incident.
Story image
Rackspace
Skills shortages hold orgs back from capitalising on cloud 2.0
Organisations are becoming more comfortable with sophisticated 'cloud 2.0' technologies, even as they confront difficulties in hiring and retaining IT talent.
Sift
Connected e-commerce apps are the future of retail and higher revenue growth. Read the new ebook by Sift to find out how to maximise your business potential.
Link image
Story image
Identity and Access Management
The post-pandemic workforce requires secure IAM capabilities
HID Global discusses what identity and access management means for organisations in today's convoluted digital world.
Sift
Navigating digital fraud and dispute can be tough. The Q4 2021 Digital Trust & Safety Index by Sift can give helpful insights to your business on keeping safe and prepared online.
Link image
Story image
NVIDIA
NVIDIA announces a spate of new innovations at Computex 2022
NVIDIA has announced its latest innovations in data center, robotics, content creation, and gaming in a virtual keynote address on the opening day of Computex 2022 in Taipei.
Story image
Manhattan Associates
Shortening the click-to-customer cycle through smart technologies
Speed of delivery without accuracy is a dealbreaker for consumers. How can retailers operating in an omnichannel environment overcome the challenge of click-to-customer cycle times.
Story image
Silver Peak
The path to an adaptive, modern network
Managing and securing the network looks different than it did just two years ago—especially given that most of these networks are made up of multi-generations of infrastructure stitched together over time.
Story image
Alteryx
Alteryx releases updates, empowers data insights for enterprise
Alteryx has released new advancements designed to aid enterprises with cloud analytics, democratise insights and ensure data governance.
Story image
Artificial Intelligence
Frost & Sullivan recognises Genesys as leader in new reports
Frost & Sullivan has recognised Genesys as a leader in the cloud contact centre market for its robust cloud and digital capabilities.
Story image
Vectra AI
Vectra’s inaugural Partner of the Year Awards revealed
APAC companies Baidam, Firmus, ShellSoft and Macnica have been recognised in Vectra AI's inaugural Partner of the Year Awards.
Story image
Malware
Fortinet introduces self-learning AI in latest offering
Fortinet is introducing self-learning AI capabilities in its new network detection and response offering, FortiNDR.
Story image
Data Protection
Information management capabilities to meet privacy requirements
Organisations with customers or operations across more than one country face a spate of new and proposed privacy and data protection laws.
Story image
Ponemon Institute
Email revealed to be riskiest channel for data loss
More than half (60%) of organisations experienced data loss or exfiltration caused by an employee mistake on email in the last 12 months.
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Sift
Having secure retail solutions can be a make or break factor for a customers satisfaction. Sift has the expert tools and expertise to keep retail practices safe and customers happy.
Link image
Story image
Cybersecurity
Accenture - a collective security approach a driving factor for cyber resilience
With the approaching Davos World Economic Forum upon us, it is even more imperative to discuss the impact of cybersecurity on business operations leading into the future.
Story image
Surveillance
i-PRO releases smallest AI-based surveillance camera on the market
The new i-PRO mini network camera is now available, with a pocket-sized form factor and full AI analytics functionality.
Story image
Training
Infosec unveils role-guided cybersecurity training roadmaps
Infosec Skills Roles maps hands-on training and certifications to the 12 most in-demand cybersecurity roles to maximise training efficiency.
Sift
Knowing the mechanics of retail fraud can greatly improve your chances of preventing an online attack. Read the new infographic by Sift to discover how your business can be prepared.
Link image
SonicWall
Find out how you and your business can prevent being caught out by everything from ransomware to cryptojacking.
Link image
Story image
Microsoft
Microsoft, Cloudian partnership offers data center flexibility
Cloudian’s HyperStore object storage platform is now integrated and validated to work with Microsoft SQ Server 2022, offering more flexible and scalable data centers.
Story image
Cybersecurity
What every CISO must answer to enable a best-in-class security operations program
It has been widely reported recently that South Australian government employees have been the victims of a cyberattack.
Story image
Check Point
Check Point and CCTV expert join forces to boost protection
The partnership will involve Check Point Quantum IoT Protect Nano Agent being embedded in Provision-ISR’s CCTV cameras for on-device runtime protection.
Story image
SpaceX
Australian space tech startup secures SpaceX support
Space Machines Company has secured the support of SpaceX as a launch partner in carrying SMC's Optimus Orbital Transfer Vehicle to space next year.
Story image
Informatica
Informatica, Oracle enter strategic global cloud partnership
Oracle named Informatica as a preferred partner for enterprise cloud data integration and data governance for data warehouse and lakehouse solutions on OCI.