Sign up now to get your free virtual ticket to the Code-Less/No-Code Summit on November 9. Hear from executives from Service Now, Credit Karma, Stitch Fix , Appian, etc looking for more information.
According to a new report by SEONabout 24 million US households have fallen victim to a form of account takeover (ATO) fraud in the past year. The report indicates that the average successful ATO incurs a loss of about $12,000 per victim. This means that around $288 billion was lost to this form of fraud in the last year alone.
ATO fraud occurs when criminals gain access to genuine consumer accounts. It can affect anyone and any type of account, including social media, email, online banking, and even credit cards. As the SEON report highlights, attacks of this type are becoming extremely common online, which should cause concern for businesses as well as consumers.
By analyzing research from multiple sources, including its own internal data, the SEON report provides a broad assessment of ATO fraud. As the report states, approximately 51% of successful ATO attacks are targeted at social media accounts, with bank accounts accounting for 32% of the total. violate.
Furthermore, SEON’s report provides a breakdown of the different monetary losses for each victim of online crime in each state across the US As the report shows, North Dakota is the hardest hit region in the US, with the average loss per victim of online crime at $31,177, nearly 65% higher compared with the state in second place, New York.
Read Full report by SEON.
VentureBeat’s mission is a digital city square for technical decision-makers to gain knowledge of transformative enterprise technology and transactions. Explore our summary report.