We polled 1,105 U.S. adults online in July on behalf of fraud prevention platform, Sift. The goal of the study was to better understand the increasing prevalence of ATO (Account takeover) attacks, which have risen by 71% in fintech, 34% in on-demand services and 9% in digital goods and services, such as subscription content like Netflix and Spotify. These online invasions of privacy can have dire consequences, empowering payment abuse and content scams by adding apparent legitimacy to fraudulent transactions and posts, As Kevin Lee, VP of trust and safety at Sift explains “ATO feels like a violation, especially now that consumers have so much choice, if they suddenly take their business somewhere else, it’s incredibly damaging to the merchant. A loyal customer has been compromised, and you’re losing future transactions as well.”
Read more on Multichannel Merchant.