Highlights
Account takeover (ATO) attacks can result in the loss of private data, monetary damage, and the risk of identity theft; We list several ways that individuals and organizations can defend themselves against these types of attacks.
This post is part of our “Protect Yourself” series, where we explain how ATO attacks work and how you can protect yourself.
Account takeover (ATO) attacks can leave a financial and reputational impact on both businesses and individuals. Find out how you can prevent these types of attacks.
Account takeover (ATO) attacks, in which hackers gain control of user accounts for malicious purposes, are a growing concern for businesses and individuals. They can cause serious financial, emotional and reputational damage, both at the individual and organizational levels. For example, ATO attackers can gain unauthorized access to sensitive information, execute fraudulent transactions, or use hijacked accounts to carry out other malicious activities.
Learn why it's important and how you can take the right steps to defend against ATO attacks.
The importance of defending against ATO attacks
Prevent the financial and reputational impact on companies
Account hijacks, which can be part of larger data breaches, can lead to consequences such as regulatory sanctions, legal repercussions, and loss of customer trust. In turn, companies could face huge financial losses from fraudulent transactions by attackers, fines, remediation costs and lawsuits, as well as the theft of intellectual property or confidential information.
ATO attacks can also severely damage companies' reputations. This damage could lead to a decrease in customer confidence, loss of clientele and negative publicity, which could affect revenue and market position. Even if an ATO attack is resolved, companies may still struggle to rebuild a tarnished reputation.
Avoid harm to people and organizations
Account takeover attacks invade people's privacy by allowing unauthorized access to their personal information, communications, and private data. Experiencing such a violation can cause emotional and mental distress, making affected individuals feel exposed and helpless.
For organizations, these distressing incidents create an environment of fear, leading to reduced morale and low productivity among employees.
To prevent ATO attacks and the lasting damage they cause, strengthen the defense of your account or platform with the following security measures:
Improve the security of your password.
Activate multi-factor authentication.
Increases device and network security.
Actively monitor accounts.
Immediately report any suspicious activity.
Best practices for password security
Password complexity and length
Create strong, unique passwords by combining upper and lower case letters, numbers, and special characters. Using a password of at least 12 characters also makes it harder for attackers to hack your account.
Avoid using simple passwords such as names, birthdays, dictionary words, etc.
Password update and expiration
Improve the security of your account by changing passwords every three to six months. It is best to avoid reusing passwords.
Refrain from using identical passwords for multiple accounts to prevent them from being compromised at the same time.
Password managers and vaults
Use trusted password managers and vaults to generate and store strong, distinct passwords for each account. These tools improve password security and effectively organize your login credentials.
Avoid password storage offered by web browsers, as they may not provide the same level of security as a dedicated password manager. Likewise, refrain from storing passwords on devices. If you lose your phone or laptop, your password may be compromised.
Typing passwords also poses a similar security risk. If you have to, keep your passwords in a safe place, like a locked drawer or safe.
Multi-factor authentication (MFA) strategies
Multi-factor authentication (MFA) requires users to verify their identity using multiple forms of verification, increasing protection beyond a simple password.
Common MFA strategies include:
SMS, voice calls and emails: A unique code is sent through these channels.
Authentication apps: Apps like Google Authenticator, Microsoft Authenticator, or Authy can generate one-time passwords for a limited time without requiring an Internet connection.
Push Notifications: Approval requests are sent to a mobile device for the user to approve or reject.
Tokens: A unique code or response can be generated with a physical device such as a USB token or smart card.
Biometric authentication: Unique biological characteristics, such as fingerprints, facial recognition, voice recognition or iris scans, can be used during verification. Biometrics are convenient and secure, as they are difficult to replicate.
As a Binance user, consider enabling two-factor authentication (2FA) on your account. Binance offers several MFA strategy options you can implement, including biometrics, apps, email, and SMS.
Ways to protect your devices and networks
Keep software and firmware up to date
Regularly update the operating system, applications and firmware of your devices. Updates typically include security patches that address known vulnerabilities, reducing the risk of exploitation by attackers.
Use encryption and secure protocols
Enable encryption on your devices and network communications. It uses secure protocols such as HTTPS for web browsing and SSL/TLS for email.
Enable firewalls
Enable 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.
Protect your Wi-Fi network
Change the default credentials and enable strong encryption (WPA2 or WPA3) for your Wi-Fi network. Use a strong, unique password to access the network and avoid broadcasting the network's SSID (Service Set Identifier).
Be careful with public Wi-Fi networks
Public Wi-Fi networks are inherently less secure. Avoid accessing or transmitting sensitive information while you are connected to them.
If you need to access your bank or crypto account, make online purchases, or access sensitive information related to your work, do so on a secure, trusted network.
Use a guest network
If your router supports it, create a separate guest network for visitors. This isolates guest devices from your primary 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 to monitor your accounts effectively:
Use alerts and notifications
Enable account activity alerts provided by your cryptocurrency 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
Periodically review your account activity, examining transactions, login history, and account settings for any signs of unauthorized access or suspicious behavior.
Keep contact information up to date
It is essential that your contact information, such as email address and phone number, is up to date with your service providers. This ensures that you receive important notifications and can be contacted quickly in case of suspicious activity.
Stay alert against phishing attacks
Beware of scams where attackers pose as legitimate entities to trick you into revealing sensitive information. Be wary of unexpected messages or calls that ask for personal information and avoid clicking on suspicious links. As a Binance user, you should consider enabling anti-phishing code in your email notifications.
Monitor credit reports
Regularly monitor your credit bureau reports for any unauthorized accounts or suspicious activity. You are entitled to one free annual credit report from each of the major credit bureaus, and reviewing these reports can help you identify any fraudulent activity associated with your accounts.
Immediately report any suspicious activity
Finally, if you notice unusual or suspicious activity, immediately notify the appropriate service provider or financial institution so they can help secure your account, void unauthorized transactions, and prevent further damage.
If you suspect your Binance account has been compromised, contact Customer Support and consider changing your password and multi-factor authentication for added protection immediately.
Further reading
Protect yourself: What are account takeover attacks?
Protect yourself: How account takeover attackers steal login credentials
Protect yourself: How to spot account takeover attacks
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