Experts predict billions in fraud losses by the end of 2023, with over $635B related to account takeover (ATO). ATOs are a type of cyberattack that result in the unauthorized access of an account, typically through the use of stolen credentials. Once an account has been compromised, it may be used to launch additional attacks, make fraudulent purchases or transactions, or steal other personal information.
Across the Sift network, we’re seeing rising signs of automation-fueled ATO and downstream payment fraud. To understand these evolving fraud trends and get a first-hand look at the severity of these threats, Sift Trust and Safety Architects analyzed new network data and consumer insights* in our latest Digital Trust & Safety Index.
Explore the following infographic and read the full report to learn which industries were hit hardest by ATO this year, new ways fraudsters are leveraging automation to launch widespread attacks at scale, and how ATO leads to brand abandonment.
*The data highlighted in this report is derived from Sift’s global data network of one trillion (1T) events, and compares findings from Q2 2022 to Q2 2023. This report also includes insights gathered on behalf of Sift by Researchscape, which polled 1,035 U.S. adults (aged 18+) in July of 2023.