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Binance is launching a new blog series called “How to Keep Yourself Safe.” In them we will look at account takeover attacks.
Account takeover (ATO) attacks are a form of identity theft in which cybercriminals take over online accounts using stolen credentials.
The number of ATO attacks is constantly growing, affecting both individuals and businesses.
Introduction
As people store sensitive information online in the digital age, account takeover (ATO) attacks have become an increasingly pressing threat. Data leaks are becoming more common, and attackers are constantly looking for vulnerabilities that they can exploit. Cybercriminals are becoming more sophisticated, people are shifting to remote work, the number of digital transactions is increasing, and the value of stolen data is increasing. Because of this, ATO attacks are occurring too frequently and are causing concern.
To help users protect themselves from the ATO threat, we have launched a new series of posts on the Binance blog. In them we will look at various aspects of such attacks and how to prevent them. This article explains the principles of ATO attacks, how to recognize them, and the consequences for users.
What are account takeover attacks and how do they work?
ATO attacks occur when an attacker gains unauthorized access to a victim's online account (usually by stealing credentials). This can be done through a variety of means, such as phishing scams, social engineering or brute force attacks.
Once an attacker gains access to an account, they can make purchases, transfer money, or view confidential information. Thus, ATO attacks can have serious consequences for both individuals and businesses.
The goals of ATO attacks depend on the attacker's motives. Here are some common options.
Financial gain: The attacker can use the victim's account to make purchases, transfer money, or steal sensitive financial information.
Identity theft: An attacker steals a victim's personal information, such as a name, address, or social security number, to commit fraud.
Espionage: An attacker gains access to a victim's account to steal sensitive information, such as trade secrets or sensitive data.
Malicious activity: The attacker uses the victim's account to carry out malicious activities, such as distributing malware or conducting DDoS attacks.
Attackers use various methods to gain access to user accounts. Here are some common techniques.
Brute force attacks: The scammer uses automated tools that try multiple username and password combinations to eventually figure out the correct credentials.
Social engineering: An attacker tricks or manipulates a user into revealing credentials.
Phishing: An attacker sends an email or message purporting to be a legitimate source, such as a bank or social network, asking the user to click on a link and enter credentials.
Malware: An attacker uses malicious software to hack into a user's device.
API attacks: An attacker tries to gain access to the victim's data by using API functions in a special way. These attacks exploit vulnerabilities in business logic and use the API in unintended ways.
Having gained access, an attacker can change the password, block the rightful owner and completely take over the account.
How to recognize an account takeover attack
Identifying a potential ATO attack can be difficult, especially once it has already occurred. However, there are a number of common signs to look out for.
Unusual activity
Look for unusual account activity, such as unauthorized purchases, settings changes, or unexpected logins from an unknown device. Login attempts from unknown locations or unusual IP addresses may also indicate someone is trying to hack your account.
Changing your account credentials
When an attacker manages to gain control of an account, they often try to change the credentials to deny access to the rightful owner. Sometimes an attacker makes changes to multiple accounts (for example, changing your email, social media profile, and YouTube account credentials). When similar changes are made to multiple accounts, this is a clear sign of hacking.
Unknown devices
Cybercriminals often disguise their equipment using device spoofing. The system identifies counterfeit devices as unknown, making it difficult to guess where they are located. If you have a suspiciously large number of unknown devices linked to your account, an ATO attack is most likely being prepared against it.
Access multiple accounts from one device
Sometimes attackers do not spoof or hide their devices when logging into various accounts. If this results in an attacker gaining access to multiple accounts, they will all be associated with one device.
Consequences of account takeover attacks for individuals and companies
ATO attacks can have serious consequences for both individuals and businesses. For individuals, attacks can result in financial loss, identity theft, and reputational damage. For companies, the consequences can include data breaches, financial losses, regulatory fines, reputational damage and loss of customer trust.
Every online account holder is at risk of an ATO attack. However, for some groups of users these risks are higher than for others. Here are some of them:
Famous people: Attackers may target a politician or celebrity, for example, to gain access to sensitive information or commit fraud.
Businesses: Companies and their owners are at risk of ATO attacks because they often store large volumes of sensitive information and financial data.
Older adults: These users are at greater risk of an ATO attack because they are typically less familiar with online security best practices and are more easily deceived.
How to prevent an account takeover attack
ATO attacks pose an increasing threat to individuals and companies. It's important to protect yourself with measures such as strong passwords, two-factor authentication, and being wary of suspicious emails or messages.
Binance security teams continually monitor suspicious activity and improve security measures. If a user reports an ATO to us, we always thoroughly investigate the reasons and do everything we can to help those affected.
Binance is committed to protecting your account, but you can also take charge of your account security. Please follow safety precautions, including those discussed in this article. This will help you protect sensitive information and reduce the risk of a successful ATO attack. If you suspect that your Binance account has been hacked, please contact Customer Support as soon as possible.
Don't miss the next article in our "How to Stay Safe" series on our blog. Next time we'll discuss how attackers steal login credentials and how to stop them.
Additional Information
How to Protect Your Binance Account: 7 Easy Steps
How to Recognize a Scam: A Complete Guide to Identifying the Most Common Cryptocurrency Scams
How to Recognize and Avoid P2P Trading Scams
Risk Warning and Disclaimer. The following materials are provided “as is” without warranty of any kind for general reference and educational purposes only. This information should not be considered financial advice or a recommendation to purchase any specific product or service. The value of digital assets may be volatile, increasing the risk of loss of investment. You are solely responsible for your investment decisions. Binance is not responsible for your possible losses. This information does not constitute financial advice. Please see Terms of Use and Disclaimer for details.