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BizTech: How to curb account takeover fraud and protect your businesses

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Fri, 18 Nov 2022 Source:

In the wake of a technology-based world and society especially for individuals and businesses, incidents of account-related cyber fraud keep increasing by the day and requires urgent action to be taken.

One key type of fraud is known as the Account Takeover (ATO) where cybercriminals deploy methods of access to the victim’s login credentials to steal funds or critical information.

Cyber Forensic Analyst at e-Crime Bureau, Sitsofe Elloh speaking on GhanaWeb TV’s BizTech explained that ATO takes place when fraudsters find digital means to break into a financial bank account to take control of it.

He explained that these cyber criminals have a variety of techniques at their disposal to achieve this purpose including; phishing, malware, and man-in-the-middle attacks, among others.

Touching on the impact of ATO fraud, Sitsofe Elloh said not only individuals are affected but financial institutions and their customers tend to face financial losses and data breaches.

The Cyber Forensic Analyst advised individuals and businesses to adopt emerging technologies and strategies aimed at addressing ATO fraud.

He, therefore, called on government to continue to implement policies aimed at safeguarding critical data and information in the cyberspace.

Watch the full interview below:


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