Account Takeover Fraud
Account takeover fraud is a form of identity theft in which the fraudster gets access to a victim’s bank or credit card accounts and uses them to make unauthorized transactions. Fraudsters can change account details, make purchases, withdraw funds, and even leverage the stolen information to access other accounts.
When fraudsters gain access to an account, they may choose to open (and max out) new credit card accounts based on their stolen information. Or they may quickly transfer funds from the victim’s account to one that can be accessed by the fraudster. They may attempt to use the compromised account information to make a different type of credit purchase – a vehicle, for example.