Many Merchants Unprepared for Account Takeover Attacks

Monday, June 8th, 2020

Account takeover (ATO) attacks damage companies’ reputation and bottom line. Many merchants report they’re unprepared for this type of attacks. This article will tell you more about the topic and help you find the safest merchant accounts in the UK.

Merchants Unprepared for ATO Attacks

Fraudsters use account takeover attacks to get access to legitimate accounts on online stores and to obtain sensitive data for fraud. Let’s take a look at the survey results by payment company Riskified:

• 66% of merchants and 69% of customers have worries about the security of their accounts
• Many merchants don’t use the right security services
• The past 12 months witnessed ATO attackers targeting at least 10% of the accounts, as 35% of merchants report
• 24% of merchants have difficulty identifying an ATO attack during a purchase
• 54% of customers wouldn’t continue using their account after being faced with this type of attack, and 39% would shop from a competitor
• 14% of merchants learn about an ATO attack after a customer informs them about this

And more.

Finding the Safest Merchant Accounts in the UK

Payment-processing fraud isn’t going to disappear. You can avoid account takeover attacks by relying on as much available data as possible. What about opening a secure merchant account in the UK? You can do this easily by working with a reliable comparison expert like BestPaymentProviders.co.uk in the country.

Thanks to a reputable merchant-processor comparison specialist like Best Payment Providers UK, you can get easy access to secure merchant services. Best Payment Providers UK is a reputable comparison expert of merchant services that pays exceptional attention to every single detail to guarantee the safest merchant-processing services and the most advanced fraud prevention solutions for your transactions.

Mostly, merchants offer 2-factor authentication for login attempts. However, this puts customers into frustration and results in a higher cart-abandonment rate. Others require users to set complex passwords. This is important from the security aspect, but it adds to friction and isn’t helpful for customers who use the same password again. Using as much available data as possible is of immense importance if you want to stay away from this type of attacks.

To sum up, it’s critical to have the right security measures in place to avoid account takeover attacks. Working with a secure credit-card processor that specialises in your field is another critical factor to focus on.