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Account takeover (ATO), in which hackers gain unauthorized access to digital accounts by obtaining users' credentials, is on the rise in the financial services sector, accounting for 32% of all targeted account types as shown in a recent report from Security.org and Deduce. The repercussions of these attacks are numerous – downtime, customer attrition and reputational damage, to name just a few. There's also a significant financial impact, as 89% of financial institution executives point to ATO as the most common cause of losses in their digital channel.
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