Key takeaways
Account takeover attempts can result in loss of private data, monetary damages, and risk of identity theft. We have listed several ways that individuals and organizations can defend themselves against such attempts.
This post is part of our “Stay Safe” series, where we explain how account takeover attempts work and how you can protect yourself from them.
Account takeover attempts can have both financial and reputational repercussions for businesses and individuals. Find out how to prevent such hacking attempts.
Account takeover attempts, where hackers take control of user accounts for malicious purposes, are a growing source of concern for businesses and individuals. They can cause serious financial, emotional and reputational harm, both at an individual and organizational level. For example, hackers may gain unwarranted access to sensitive information, execute fraudulent transactions, or use compromised accounts as springboards for other malicious activities.
Learn why it's important and how you can take appropriate steps to defend against account takeover attempts.
The importance of defending yourself against account takeover attempts
Prevent financial consequences and damage to business reputation
Account takeover attempts, which may be part of a broader data breach, can result in consequences such as regulatory sanctions, legal repercussions and loss of customer trust. Businesses face huge financial losses from fraudulent transactions by hackers, fines, remediation costs and lawsuits, as well as theft of intellectual property or confidential information.
Account takeover attempts can also cause significant damage to the reputation of businesses. This harm is likely to result in a loss of customer confidence and business, and generate negative publicity, which may impact revenue and market position. Even if a hacking attempt ends up being resolved, companies can still face difficulties restoring their image.
Avoiding harm to individuals and organizations
Account takeover attempts violate people's privacy because hackers gain unauthorized access to their personal information, communications, and private data. Such a violation can lead to emotional and psychological distress, with those affected feeling exposed and helpless.
For organizations, these incidents create a climate of fear, leading to lower employee morale and productivity.
To prevent account takeover attempts and the lasting damage that results, strengthen the protection of your account or platform by adopting the following security measures:
Improve password security;
Enable multi-factor authentication;
Strengthen device and network security;
Actively monitor accounts;
Report any suspicious activity immediately.
Password Security Best Practices
Password complexity and length
Create secure, unique passwords that combine upper and lower case letters, numbers and special characters. Using a password with at least 12 characters also makes it more difficult for your account to be hacked.
Avoid using simple passwords such as names, birthdays, dictionary words, etc.
Updating and Expiring Passwords
Strengthen your account security by changing your password every three to six months. It is best to refrain from reusing your passwords.
Avoid using identical passwords for multiple accounts to prevent their security from being compromised at the same time.
Password managers and safes
Use reliable password managers and vaults to generate and store secure, distinct passwords for each account. These tools strengthen password security and efficiently organize your login credentials.
Avoid password storage offered by web browsers, as they may not offer the same level of security as a dedicated password manager. Likewise, refrain from storing passwords on your devices. Indeed, if you lose your phone or laptop, the security of your password may be compromised.
Writing down your passwords somewhere poses a similar security risk. If you must, keep your passwords in a secure place, such as a locked drawer or safe.
Multi-factor authentication policies
Multi-factor authentication (MFA) requires users to verify their identity through multiple forms of verification. So your protection no longer depends on a simple password.
Here are some of the most popular multi-factor authentication strategies:
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-limited 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 by a physical device such as a USB drive or smart card.
Biometric authentication: Biological characteristics specific to the person, such as fingerprints, facial recognition, voice recognition or iris scanning, can be used during verification. Biometrics is a method that is both practical and secure because it is difficult to replicate.
As a Binance user, consider enabling two-factor authentication (2FA) on your account. Binance offers various multi-factor authentication policy options that you can implement, including biometrics, in-app, email, and SMS.
How to secure your devices and networks?
Keep your software and firmware up to date
Regularly update the operating system, applications, and firmware of your devices. Updates often include security patches that fix known vulnerabilities, reducing the risk of hackers exploiting them.
Use encryption and secure protocols
Enable encryption of your devices and network communications. Use secure protocols such as HTTPS for web browsing and SSL/TLS for email.
Enable firewalls
Enable firewalls on your devices and routers to control inbound and outbound network traffic. Firewalls provide a barrier between your devices and the internet, blocking unauthorized access and potential threats.
Implement device management and access control policies
Set strong device management policies, including password requirements, account lockouts, and session expirations. Limit administrative privileges to limit the potential effects of a security breach.
Secure your Wi-Fi network
Change the default personal information and enable strong encryption (WPA2 or WPA3) for your Wi-Fi network. Use a unique secure password for network access and avoid broadcasting the Service Set Identifier (SSID) wireless) of the network.
Beware of public Wi-Fi networks
Public Wi-Fi networks are inherently less secure. Avoid accessing or transmitting sensitive information while connected to these types of networks.
If you need to log into your crypto or bank account, make online purchases, or access confidential work-related information, do so on a reliable and secure network.
Use a network for guests
If your router allows it, create a separate network for visitors. Visitor devices are located outside of your main network, reducing the risk of unauthorized access to sensitive data.
How to check for suspicious activity on your accounts?
It is important to check your accounts for suspicious activity to detect and prevent unauthorized access or fraudulent activity. Here are some best practices for monitoring your accounts effectively:
Use alerts and notifications
Enable account activity alerts from your crypto service provider or financial institutions. You can receive these alerts via email, SMS or push notification to notify you of any suspicious or unusual activity detected.
Monitor your account activity regularly
Check your account activity regularly, reviewing transactions, login history, and account settings for any signs of unauthorized access or suspicious behavior.
Keep your contact details up to date
It is essential for your service providers that your contact details, such as your email address and telephone number, are kept up to date. This ensures you receive important notifications and are contacted quickly in the event of suspicious activity.
Stay vigilant against phishing attempts
Be careful of scams where scammers pose as legitimate entities in order to trick you into revealing sensitive information. Be wary of unexpected messages or calls asking for your personal information and avoid clicking on suspicious links. As a Binance user, you may want to consider enabling the anti-phishing code in your email notifications.
Check credit reports
Monitor reports from credit intelligence companies regularly for unauthorized accounts or suspicious activity. You are entitled to a free annual credit report from every major credit reporting company, and reviewing these reports can help you identify any fraudulent activity associated with your accounts.
Report any suspicious activity immediately
Finally, if you detect any unusual or suspicious activity, promptly report it to the relevant service provider or financial institution so they can help secure your account, reverse unauthorized transactions, and avoid further harm.
If you think the security of your Binance account may be compromised, contact customer support. To immediately boost your protection, you might consider changing your password and enabling multi-factor authentication.
For more information
Stay Safe: What is an Account Takeover?
Stay Safe: How Do Hackers Get Their Hands on Login Credentials?
Stay Safe: Spot Account Takeover Attempts
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