The financial crimes management of account takeover fraud

Account takeover can be a damaging and personally intrusive type of fraud occurring when an unauthorized individual obtains and uses another individual’s personally identifiable (PII) information to gain unauthorized access to an existing account. Account takeover fraud continued to be a serious fraud threat in 2016 that affected millions of consumers resulting in billions in fraud losses. This research clearly defines account takeover fraud, investigates how account takeover incidents occur, describes the impact for both consumers and the financial industry, and offers mitigating tactics to combat and recover from account takeover incidents.