Facing fraudulent account takeovers can be the most troublesome problem of your financial management. Fake mobile app fraud tripled in first half of 2019. You can be a direct victim of the threat. Even worse, if your merchant account is overtaken by an unwanted party. Also, it can be a hassle if a fraud uses someone else’s cards for shopping from your business.
Nevertheless, whatever type the fraud maybe it is always a cause of slowing you down and may also cause financial damages. Although, there surely are ways to get out of the situation it prevention is the way to go. Hence, taking precautions will keep your account safe and away from all the risks. Thus, this article is here to help.
Understanding fraudulent account takeovers
Fraudulent account takeovers are basically a form of identity theft. This type of frauds involves someone using your credit card information to purchase something. The frauds usually steal your credit card information through various methods.
Also, there are various forms of fraudulent. Therefore, you need to be aware of all the ways. Hence, it is important for you to think like a fraud that would want to take over your account. Only then, you will provide your information well and truly. Then again, to whom you are providing matters too.
Types of fraudulent account takeovers
Out of the various ways, these are the ways which are common ways a fraud can cause fraudulent account takeovers:
- Credit Card Fraud
- Hacking
- Scams
- Change of mailing address
- Skimming
- Phishing
- Telephone fraud
- Vishing
- Mortgage refinance fraud
There are other ways too. So, being aware is the best way out. Once a fraud takes place, things may not be in your control to dictate where your money goes.
How to prevent fraudulent account takeovers?
Like already mentioned, prevention is the best method for fraudulent account takeovers. Although, a cure can be done but it would require time and good coordination with your bank and others involved. So, beware and prevent before things are out of your control.
Here what you can do to prevent account takeovers:
- Keep track of your accounts.
- Do not use public Wi-Fi for Banking.
- Don’t reuse a password. Just don’t! Better if authentication is through fingerprints or face detection.
- Implement adaptive multi-factor authentication.
Keep your money safe with PayFasto
The ultimate motive of all this is to keep your money safe. Although, preventive measures can seem to be a hassle but the cure mechanism is even more complicated. Therefore, stop it before it happens.
Also, to keep your financial transactions smooth and let your business grow, come join the family of PayFasto. We deliver to high-risk merchants working with industries that thrive the market in the modern world.
Fraudulent account takeovers can be the worst nightmare for a high-risk merchant. So, if you are one, do not delay. PayFasto will help you manage your finances safely to avoid all such risks. Join now!
