FXTM information and reviews
FXTM
95%
OctaFX information and reviews
OctaFX
94%
XM information and reviews
XM
93%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
91%
HFM information and reviews
HFM
89%

Account takeover is on the rise: how to protect yourself


Everyone has a friend who has been subject to account takeover attack. With 24 billion exposed accounts available online, this type of identity theft is now rampant in the digital domain. This article from OctaFX security experts explores the nature of account takeover attacks and advises on how to protect yourself from them.

A recent research by Digital Shadows showed that more than 24 billion exposed credential pairings are available for sale online. That is a 65 per cent increase from 2020, probably due to more sophisticated malware and social engineering, as well as improved credential sharing.

With passwords such as "123456" still accounting for more than one hundred million exposed cases, account takeovers are bound to continue. However, there are ways to avoid them, which we will cover later in the article. First, let’s consider whether account takeover (ATO) is something that everyone really has to worry about.

How does account takeover happen?

The ATO attacks are somewhat similar to burglary. Fraudsters or hackers either crack your password using special software—just as burglars do to open the doors of a building—or get it from you through social engineering and dedicated malware. Then they make it impossible for you to log into your account by changing the password. Unlike the case with burglars, you can lose all your sensitive information, as well as your money, at once. After online fraudsters take all they want from your accounts, they might sell it on the dark web as part of a database consisting of such accounts.

There are several most common types of account takeover attacks carried out to steal  your credentials:

Account takeover is on the rise: how to protect yourself

Five tips from OctaFX on how to protect your accounts from takeover

The OctaFX security experts have come up with several important rules that every internet user must follow to protect their accounts from cyber attacks:

What to do if you suspect that someone is trying to take over your account?

Don’t panic. If you received a message indicating that someone is trying to log into your account, check its login history and the devices that have access to it, if such information is available. If anything seems suspicious to you, or you know for certain that it wasn’t you who entered the account, change your password immediately. Look carefully if any information of yours has been altered or removed, and try to recover it.

What to do if fraudsters take over your account?

An account takeover is something anyone may encounter at some point in their internet life. Following the above rules significantly reduces the risk of becoming a victim of ATO and losing all your most important accounts at once.

OctaFX is a global broker providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 150 countries who have opened more than 12 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals.

The company is involved in a comprehensive network of charity and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities and small to medium enterprises.

On a side note, OctaFX has also won more than 50 awards since its foundation, including the 2021 ‘Best ECN Broker’ award from World Finance and the 2022 ‘Best Global Broker Asia’ award from International Business Magazine.

#source

Share: Tweet this or Share on Facebook


Related

The Reasons Why 90% of Crypto Traders Lose Money
The Reasons Why 90% of Crypto Traders Lose Money

Even though trading as a whole, and cryptocurrency trading, in particular, is a potentially vastly profitable endeavor where one can make as much money in a month...

Three Ways to invest Your Red Packet Money in Times of a Worrying Economy
Three Ways to invest Your Red Packet Money in Times of a Worrying Economy

With Lunar New Year around the corner, preparations have been in full swing to welcome the Year of the Rabbit on 22 January. Friends and families will gather for feasting...

What Is A Short Position?
What Is A Short Position?

In exchanges, one earns not only on the rise but also on the collapse of quotes. This amazing strategy is used by "bears" - traders who make money on the "sinking" of securities and other assets...

What Is Economic Growth And What Does It Have To Do With Inflation?
What Is Economic Growth And What Does It Have To Do With Inflation?

If a country's economy is growing, it means its citizens' standard of living is also growing. Or does it? Let's find out what gross domestic product is, how it relates to economic growth and living standards..

How Much Money Do You Need To Start Trading?
How Much Money Do You Need To Start Trading?

Understandably, novice traders ask numerous questions at the beginning of their careers, and this approach cannot be called wrong. First of all, newbies to the market are usually interested in how much money...

Top 5 most traded currency pairs
Top 5 most traded currency pairs

There are 180 currencies in circulation across the globe but not all are actively traded in the forex market. Only those currencies that have liquidity and show economic and political stability are traded...


Editors' Picks

FXCM information and reviews
FXCM
87%
ActivTrades information and reviews
ActivTrades
86%
RoboForex information and reviews
RoboForex
85%
MultiBank Group information and reviews
MultiBank Group
84%
Libertex information and reviews
Libertex
83%
Vantage information and reviews
Vantage
83%

© 2006-2023 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.