Account Takeover (ATO) Attacks

Imagine logging into your organization’s bank account only to find that all the money’s gone.

Or finding out that a hacker broke into your CFO’s email. They sent fake invoices, tricking customers into wiring money to a fraudulent account.

That’s the terrifying reality of Account Takeover (ATO) attacks. They enable hackers to access your online accounts and wreak havoc.

ATO attacks on financial accounts, corporate emails, and tools like Slack can cause huge financial losses, reputational damage, and legal issues.

For any organization, losing control of key accounts is a serious issue. It can have a direct impact on your bottom line.

Let’s break down what ATO attacks are, how they happen, and what you can do to protect yourself.

What are Account Takeover Attacks

An account takeover attack occurs when a hacker uses stolen credentials to access a victim’s account.

Once in, the attacker can steal your money, impersonate you, or use your account to launch scams.

Why do they do it? Simple: It’s profitable. The goals of ATO attacks often include:

Financial Theft: Stealing money from bank accounts or making fraudulent purchases.
Identity Theft: Using your personal information to open new accounts or commit other types of fraud.
Reputational Damage: Posting harmful content on your social media or sending emails under your name.
Launching Further Attacks: Using your hacked account to infiltrate your network or trick your contacts.

How Do Account Takeover Attacks Happen?

Hackers aren’t magicians; they rely on a variety of techniques to gain access. Here’s how they usually do it:

Data Breaches: Stolen usernames and passwords from one breach are often sold on the dark web. Attackers buy these credentials. They then test them on various platforms, hoping users reuse passwords.
Malware: Malware on your device can capture keystrokes, take screenshots, or grab passwords.
Credential Stuffing: Attackers use automated tools to try leaked credentials on multiple sites. This works because people often reuse passwords.
Phishing: Scammers use fake emails, messages, or websites to trick you. They make you think you’re on a real site. However, you’re actually giving your login info to them.
Brute Force Attacks: Using software to try different password combinations automatically. This technique focuses on weak, common passwords like ‘password123.’
Social Engineering: Tricking people into revealing confidential information. This is often done by pretending to be a friend, co-worker, or service provider.
Exploiting Weak Security Practices: Security gaps that attackers exploit to gain access. For example, using default passwords or failing to apply a security patch.

What Type of Accounts Are Most Often Targeted?

Certain types of accounts tend to be more attractive to attackers. Here’s a breakdown of the most targeted types of accounts:

Financial Accounts: Bank accounts or online payment systems (e.g. Paypal or Venmo) that give direct access to your money. Credit cards can also be exploited for fraudulent purchases and cash advances.
Email Accounts A hacker can use a victim’s main email account to reset other passwords. They can also target corporate accounts. In these cases, attackers pretend to be company executives. Then, they trick employees into making fraudulent payments.
Social Media Accounts: High-profile accounts are targeted to spread malicious links or advertise scams. Corporate accounts can be exploited to damage the company’s reputation as well as promote phishing scams.
E-commerce Accounts: Attackers target shopping accounts like Amazon and eBay. They can use them to make unauthorized purchases. Streaming services are also targeted due to their resell value.
Healthcare Accounts: These accounts contain access to highly sensitive medical information. They’re often exploited for medical identity theft or submitting fraudulent claims.
Gaming Accounts: Online gaming platforms can access virtual goods, payment info, and personal data. In-game accounts may hold virtual currencies and items that can be stolen and sold.
Cloud Storage Accounts: Sensitive documents, intellectual property, photos, and private customer data.
Professional Accounts: Apps like Slack or Teams may give attackers access to sensitive business information.

Real-World Examples of Account Takeover Attacks

Twitter Bitcoin Scam (2020): Hackers used social engineering to take over the accounts of Elon Musk, Barack Obama, and Bill Gates. They then used the accounts to promote a Bitcoin scam, making over $100,000 before it was shut down.
Uber Data Breach (2016): Hackers accessed Uber’s GitHub repo and used leaked credentials to steal data of 57 million users and drivers.
Robinhood (2020): Nearly 2,000 accounts were compromised due to weak credential security. This allowed attackers to siphon funds and make unauthorized trades.

How To Prevent Account Takeover Attacks

Stopping ATO attacks requires a combination of technical controls, security policies, and user awareness. Here’s what you can do to keep your accounts safe:

Implement Multi-Factor Authentication (MFA): Add a second layer of security, like a one-time token or a biometric scan. This will make it harder for attackers to get in, even if they have your password.
Use Strong, Unique Passwords: Avoid using the same password across multiple accounts. Use a password manager to generate and store complex passwords.
Regularly Monitor and Audit Accounts: Keep an eye out for unusual login patterns or changes. Use tools like SIEM and User Behavior Analytics to identify suspicious activity.
Educate Users on Phishing: Train users to spot phishing attempts. Emplyees should always verify suspicious communications out of band.
Implement Account Lockout Policies: Temporarily lock accounts after several failed login attempts. This can help prevent brute force attacks.
Deploy CAPTCHA Challenges: Use CAPTCHA to block bots from automating login attempts.
Enable Account Alerts: Set up alerts for unusual activities, like password changes or new device logins.
Adopt Zero Trust Security Model: Trust no one, inside or outside the network. Continuously verify identities and limit access.
Use Dark Web Monitoring: Continuously monitor the dark web for exposed credentials. Force password resets when they’re found.
Regularly Update Software: Keep all systems up to date to prevent attackers from exploiting known vulnerabilities.

Final Thoughts

Account takeover attacks are a growing threat, but they’re not unbeatable.

Implementing dark web monitoring, quickly shutting down phishing sites and reseting leaked credentials can go a long way in preventing ATO attacks.