Stay Safe: Best Practices for Preventing Account Takeover Attacks
Main Takeaways
Account takeover (ATO) attacks can result in the loss of private data, monetary damages, and the risk of identity theft; We listed several ways individuals and organizations can defend against such attacks.
This post is part of our āStay Safeā series, where we explain how ATO attacks work and how you can protect yourselves.
Account takeover (ATO) attacks can leave a financial and reputational impact on both businesses and individuals. Find out how you can prevent such attacks from happening.
Account takeover (ATO) attacks, where hackers gain control of users' accounts for malicious purposes, are a growing concern for businesses and individuals. They can result in serious financial, emotional, and reputational damage on both individual and organizational levels. For instance, ATO attackers can gain unwarranted access to sensitive information, execute fraudulent transactions, or use the hijacked accounts as launchpads for other malicious activities.
Learn why itās important and how you can take appropriate measures to defend against ATO attacks.
The Importance of Defending Against ATO Attacks
Preventing financial and reputational impact on businesses
Account takeovers, which can be part of larger data breaches, may lead to consequences such as regulatory penalties, legal repercussions, and loss of customer trust. In turn, companies could face huge financial losses from fraudulent transactions made by attackers, fines, remediation costs, and lawsuits, as well as the theft of intellectual property or confidential information.Ā
ATO attacks can also severely harm business reputation. This damage could lead to decreased customer trust, lost clientele, and negative publicity, potentially impacting revenue and market standing. Even if an ATO attack gets settled, companies may still face challenges in rebuilding a tarnished reputation.
Avoiding damage to individuals and organizations
Account takeover attacks invade individuals' privacy by granting unauthorized access to their personal information, communications, and private data. Experiencing such a breach may result in emotional and mental distress, causing affected individuals to feel exposed and defenseless.
For organizations, these distressing incidents create an environment of fear, leading to reduced morale and productivity among employees.Ā
To prevent ATO attacks and the long-lasting damage they bring, bolster your account or platform defense with the following safety measures:
Improve password security.
Enable multi-factor authentication.
Increase device and network security.
Actively monitor accounts.
Report suspicious activity immediately.
Best Practices for Password Security
Password complexity and length
Create strong, unique passwords with a combination of uppercase and lowercase letters, numbers, and special characters. Using a password of at least 12 characters also makes it tougher for attackers to hack into your account.
Avoid using simple passwords such as names, birthdays, dictionary words, etc.
Password update and expiration
Enhance your account security by changing passwords every three to six months. Itās best to avoid reusing passwords.
Refrain from using identical passwords for multiple accounts to prevent them from being compromised at the same time.Ā
Password managers and vaults
Use reliable password managers and vaults to generate and store strong, distinct passwords for each account. These tools enhance password security and organize your login credentials effectively.
Avoid password storage offered by web browsers as they may not provide the same level of security as a dedicated password manager. Similarly, refrain from storing passwords on devices. If you lose your phone or laptop, your password may be compromised.
Writing passwords down also poses a similar security risk. If you must, keep your passwords in a secure location like a locked drawer or a safe.
Multi-Factor Authentication Strategies
Multi-Factor Authentication (MFA) requires users to verify their identity using multiple forms of verification, enhancing protection beyond just a password.
Common MFA strategies include:
SMS, voice calls, and emails: A unique code is sent through these channels.
Authenticator apps: Apps like Google Authenticator, Microsoft Authenticator, or Authy can generate time-based one-time passwords without requiring an internet connection.
Push Notifications: Approval requests are sent to a mobile device for the user to approve or deny.
Tokens: A unique code or response can be generated with a physical device like a USB token or smart card.Ā
Biometric Authentication: Unique biological characteristics, such as fingerprints, facial recognition, voice recognition, or iris scans, can be used during verification. Biometrics are convenient yet secure as they are difficult to replicate.
As a Binance user, consider enabling two-factor authentication (2FA) on your account. Binance offers various options of MFA strategies you can implement, including biometrics, apps, email, and SMS.
Ways to Secure Your Devices and Networks
Keep software and firmware up to date
Regularly update the operating system, applications, and firmware on your devices. Updates often include security patches that address known vulnerabilities, reducing the risk of exploitation by attackers.
Use encryption and secure protocols
Enable encryption for your devices and network communications. Use secure protocols such as HTTPS for web browsing and SSL/TLS for email.
Enable firewalls
Activate firewalls on your devices and routers to control incoming and outgoing network traffic. Firewalls act as a barrier between your devices and the internet, blocking unauthorized access and potential threats.
Implement device management and access control policies
Establish strong device management policies, including password requirements, account lockouts, and session timeouts. Restrict administrative privileges to limit the potential impact of a security breach.
Secure your Wi-Fi network
Change the default credentials and enable strong encryption (WPA2 or WPA3) for your Wi-Fi network. Use a unique, strong password for network access and avoid broadcasting the network's SSID (Service Set Identifier).
Be mindful of public Wi-Fi
Public Wi-Fi networks are inherently less secure. Avoid accessing or transmitting sensitive information while connected to them.
If you need to log into your crypto or bank account, make online purchases, or access confidential work-related information, do so on a trusted and secure network.
Use a guest network
If your router supports it, create a separate guest network for visitors. This isolates guest devices from your main network, reducing the risk of unauthorized access to sensitive data.
How to Monitor Accounts for Suspicious Activity
Monitoring your accounts for suspicious activity is an important practice to detect and prevent unauthorized access or fraudulent activities. Here are some best practices for monitoring your accounts effectively:
Use alerts and notifications
Enable account activity alerts provided by your crypto service provider or financial institutions. These alerts can be sent via email, text message, or push notifications to inform you of any suspicious or unusual activity detected.
Regularly monitor your account activity
Check your account activity on a regular basis, examining the transactions, login history, and account settings for any signs of unauthorized access or suspicious behavior.
Keep contact information updated
Itās essential that your contact information, such as email address and phone number, is kept up to date with your service providers. This ensures that you receive important notifications, and can be contacted promptly in case of any suspicious activity.
Stay alert for phishing attempts
Look out for scams where attackers impersonate legitimate entities to trick you into revealing sensitive information. Be cautious of unexpected messages or calls asking for personal information and avoid clicking on suspicious links. As a Binance user, you should consider enabling the Anti-phishing code to your email notifications.
Monitor credit reports
Regularly monitor your reports from credit bureaus to detect any unauthorized accounts or suspicious activities. You are entitled to a free annual credit report from each major credit bureau, and reviewing these reports can help identify any fraudulent activities associated with your accounts.
Report Suspicious Activity Immediately
Finally, if you detect unusual or suspicious activity, promptly report it to the respective service provider or financial institution for assistance in securing your account, reversing unauthorized transactions, and preventing additional harm.Ā
If you suspect that your Binance account has been compromised, contact Customer Support and consider changing your password and multi-factor authentication for added protection immediately.
Further Reading
Disclaimer and Risk Warning: This content is presented to you on an āas isā basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial advice, nor is it intended to recommend the purchase of any specific product or service. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Not financial advice. For more information, see our Terms of Use and Risk Warning.