While phishing scams may target multiple people, "spear phishing" scams target you directly based on information fraudsters have gathered about you. Because Posner used the same login information across multiple online accounts, the same criminals were able to access another account easily using the first batch of information. Shoshanah Posner, the director of business development at NoFraud, an online fraud prevention company that works with small businesses, found this out the hard way when criminals managed to obtain her login information for an e-commerce account. And, if you use the same login information (user name and password) across several accounts, all these scam artists have to do is enter your login credentials at all your other e-commerce and online banking accounts. If you fall for the scam and login to your bank account through one of these links, fraudsters gain access to your login information. Within phishing emails, you'll find unusual requests for money or fraudulent links to websites that may look like those of a real bank. They may also seem to come from people you know, like your spouse, relative or boss, after their email accounts were hacked. These emails appear to come from legitimate sources like your bank or an online retailer. One of the most common ways that fraudsters can obtain your login information is through phishing emails, according to Briane Grey, manager of Corporate Security at City National Bank. Rather than giving up the convenience of online banking, there are many things you can do to protect your valuable information, spot an account takeover attempt and protect your money from thieves.
Common Ways Criminals Commit Account Takeover Fraud According to the Javelin 2019 Identity Fraud Study, while overall identity fraud dropped from 2017 to 2018, account takeover fraud rose from 380,000 reported cases in 2017 to 679,000 cases in 2018. This is a problem that isn't going away and in fact is growing. Once they have control, fraudsters can easily transfer or wire money out of your accounts and into their own.
One of the main risks is something called an "account takeover." This fraud occurs when an unauthorized person obtains access to your bank accounts, usually through your login information. Fraudsters are continuously looking for and finding ways to take advantage of the security risks inherent in online banking. That convenience is wonderful, but it may come at a cost. Almost everyone today owns a smartphone - 91 percent of us have one, according to Experian's 2018 Global Fraud and Identity Report, and most of us (88 percent) use it to do our banking online.