As people’s daily lives move online, the world has now become increasingly reliant on digital accounts for everything. Whether it’s for banking, shopping, or communicating with loved ones, these online accounts offer a great deal of convenience, making everyday tasks easier and more efficient.
But while digital accounts have become an integral part of modern living, they also open the door to a variety of security risks. One such risk is account takeover (ATO), a type of cyberattack in which a criminal gains unauthorized access to an individual’s account.
In many cases, the attacker’s goal is to steal personal information, make fraudulent purchases, or gain control of sensitive financial accounts. For credit card holders, the consequences can be especially serious, as a compromised account can lead to huge financial losses from unauthorized transactions and identity theft.
With today’s cybercriminals becoming increasingly sophisticated in their methods, it’s essential for any credit card holder to understand the nature of account takeovers and how they can affect long-term matters of financial security and personal privacy. Here’s a guide that will be useful for the next time you apply for a new credit card.
How Does an Account Takeover Happen?
Account takeovers typically happen when cybercriminals gain access to a victim’s login credentials through various methods. One common technique is phishing, where attackers trick individuals into revealing personal information by posing as legitimate individuals or organizations. Another method is credential stuffing, which involves using stolen usernames and passwords from previous data breaches to try accessing other accounts. In addition, attackers may exploit weak security measures or vulnerabilities in websites to gain entry.
Once inside, they can change the account’s password and other security settings, locking the rightful owner out. This gives the attacker full control to make fraudulent transactions, steal a user’s personal information, or manipulate the account for other malicious purposes.
How to Protect Yourself from an Account Takeover
It will take a combination of vigilance, strong security hygiene, and high awareness of potential threats to protect yourself from ATO. Here are some key steps to help secure your credit card account and reduce the risk of damage from an attack:
1) Ensure You’re Using a Secure Credit Card
One of the first steps towards protecting yourself from account takeovers is to ensure that your credit card is equipped with strong security features. Look for cards that promise strong fraud detection systems and real-time alerts for any transactions so that you can immediately spot any suspicious activity.
Many credit card programs, like the Landers Cashback Everywhere Credit Card by Maya, also provide a dynamic card verification value (CVV) feature in which the security code changes periodically, making it more difficult for attackers to use stolen card information. This feature offers an added layer of protection during secure online credit card transactions, ensuring that even if your card details are compromised, the changing CVV prevents unauthorized purchases from being processed.
2) Familiarize Yourself with the Signs of This Cyberattack
Your ability to recognize the signs of an account takeover early is crucial to minimizing potential damage. When you know what to look out for, you’ll be able to take immediate action to secure your account and prevent further unauthorized access.
One of the first indicators that your account may have been compromised is unfamiliar transactions appearing on your credit card statement. If you notice purchases you don’t recognize or charges from vendors you haven’t interacted with, contact your credit card issuer immediately to report any suspicious charges. It may also be a good idea to deactivate or lock your account via your credit card’s app, thus preventing any additional transactions while the issue is being investigated.
3) Use Secure Connections When Engaging in Online Transactions
When making online purchases or logging into your credit card account, make sure to always use a secure connection. This way, your sensitive information, such as credit card details and personal data, is encrypted and protected from cybercriminals who might try to intercept it. Look for the HTTPS protocol in the URL, as this signals that the website encrypts data for secure transmission. The presence of a padlock icon next to the URL is another indicator that the site is using a secure connection.
Avoid using public Wi-Fi networks as much as possible when accessing financial information or making purchases with your credit card. Public Wi-Fi networks are often targeted by cybercriminals who can exploit vulnerabilities to steal your data. If you prefer, use a virtual private network or VPN for an extra layer of protection when browsing or transacting online.
4) Install Antivirus Software on All Your Devices
Malware and spyware are commonly used by attackers to steal login credentials and other sensitive information. Thus, to protect yourself, ensure that antivirus software is installed and regularly updated on all your devices—that means your computers, smartphones, and tablets. Lots of modern antivirus programs can detect and block malicious software before it can compromise your accounts.
In addition to antivirus software, make sure your device’s operating system and apps are up to date. Updating the software ensures that you have the latest security patches, which will protect against newly discovered vulnerabilities. You’ll always want to be proactive about maintaining your device security so that you can help prevent attackers from gaining access to your personal information and credit card details.
Account takeovers are a serious threat to your online security. Given that phishers and other malicious actors upgrade their methods as quickly as technology evolves, you can’t expect for such a threat to fully go away. Both now and in the future, you have to be extra vigilant and proactive about securing your accounts if you want to reduce your risk of becoming a victim of this cybercrime. Take note of the tips mentioned above, and act now for your financial security, privacy, and overall well-being.