Account takeover attacks surge by over 300 percent

Account takeover (ATO) attacks jumped a massive 354 percent year-on-year in Q2 2023 according to the latest quarterly Digital Trust and Safety Index from Sift. Analysis across Sift's global network shows the fintech and food and beverage categories experienced especially large increases. ATO spiked 808 percent across fintech, hitting loyalty sites and crypto, and opening the gate to downstream payment fraud, while the food and beverage industry saw a 485 percent increase in ATO. Consumers echo these findings, with 18 percent of those surveyed by Sift having experienced account takeover attacks, 62 percent of those taking place in the past… [Continue Reading]