ATO, or Account Takeover fraud is rapidly becoming the most common entry point for Ransomware
attacks and direct transaction fraud in the Financial Services & Fintech industry. ATO involves attackers
with stolen login credentials spoofing your organization’s valid email and system accounts to hijack and hold your data hostage for ransom, and to steal funds directly from customer accounts.
These attacks can disrupt day-to-day business operations, and result in substantial financial losses.
Equifax reports that Account Takeover (ATO) fraud resulted in $15.6 billion in consumer losses in 2024 – a 26% increase over 2023.
And ATO-related chargeback losses are 76% higher than typical chargebacks, leading to increased losses and significant customer churn.
CyberloQ Secure® is zero-trust identity verification that helps you stop ATO fraud.
Strong Customer Authentication (SCA) utilizes a combination of challenge factors that rely on what is unique to each individual authorized to access your systems and data:
Whether it’s a Bank IT employee remotely accessing your network, a Loan Officer updating a customer’s Loan Application, a consumer account holder accessing your Portal to transfer funds, or any other type of activity involving sensitive data or funds, CyberloQ Secure® enforces SCA to verify the identity of your trusted associates and customers every time they initiate a digital interaction with your organization, without compromising their user experience
Our Face or Fingerprint challenges utilize something you alone are.
We challenge the user to verify their identify by responding to their device’s biometric request. This allows us to block unauthorized access to your protected resources, even if the device is stolen.
Our Voice Verification solution utilizes something you alone are.
We send a unique Voice Passcode and challenge the user to verify their identity by speaking that code into their mobile device. Again, this blocks unauthorized access to your protected resources, even if the device is stolen.
Our innovative Location Verification utilizes something you have. We determine the User’s real-time location and compares it to any geographic areas established as permissible – or not – for that user.
Access is allowed only from the User’s in possession of their registered device and within authorized locations.
Our OTP Verification utilizes something you know. We send a unique OTP and challenge the user to verify their identify by typing that code into their mobile device.
Like a face or fingerprint, OTPs are a familiar and effective method of blocking for unauthorized access to your protected resources.
Implemented through a straightforward and seamless API integration with your organization’s Identity Management System, the CyberloQ Secure® MFA sits between your users and your digital resources, continuously verifying the user’s identity with each attempt to access a protected digital resource.
Following are just a few of the operational use cases for CyberloQ Secure® that your Financial Services organization might elect to implement.
THREAT: A cybercriminal attempts to impersonate one of your legitimate users – e.g., a Loan Officer, an HR staff member, an IT Admin, etc. – by using stolen access credentials to log into your backend business intranet to shutdown your business operations, to steal your data, or to hijack your data – think ransomware.
RESPONSE: The criminal’s login attempt triggers the push of a CyberloQ Secure® MFA challenge to the legitimate User’s registered device. Aware that they did not initiate the login attempt, the legitimate User simply intentionally fails the MFA challenge, thereby denying access to the criminal.
OUTCOME: The benefits from utilizing the CyberloQ Secure® MFA in this manner are threefold: The legitimate User is immediately made aware that their login credentials have been compromised, they have successfully blocked an unauthorized access to your financial services organization’s systems and data and, finally, they have directly prevented the cybercriminal’s intended financial and reputational damage to your business.
Note that the same Threat-Response-Outcome scenario applies to other sensitive systems, workflows, and data when you implement the CyberloQ Secure® MFA deeper within your organization’s backend systems. For example:
