A comprehensive guide on corporate account takeover, how it takes place, what are the techniques fraudsters use to gain access to unauthorized accounts. https://bit.ly/3j8aHzr

1. Corporate Account Takeover: Guide to
Protecting Digital Identities
In today's world, corporate account takeover (CATO) is becoming a
more serious threat to businesses worldwide. According to
research, corporate account takeover was responsible for 72 % of
all data breaches reported in the previous year. "corporate account takeover" refers to
various cyberattacks on money flows and corporate bank accounts.
While these cyberattacks could take many different forms, they all include the theft of
the company's identity to carry out deceptive operations.

2. What is Corporate Account Takeover
CATO (Corporate Account Takeover) is a sort of enterprise identity fraud in which
unofficial users steal or misappropriate employees' access keys and passwords to
access the company's most sensitive data.
The hotel, media, retail, banking, supply chain, gaming, and travel industries are some of
the most popular targets for cybercriminals looking to steal corporate accounts.
According to current figures, around 57 % have seen increased losses due to online
corporate account takeover.
How does CATO Fraud Take Place?
CATO (Corporate Account Takeover) attacks do not always target financial institutions'
or banks' security interfaces or networks. Instead, these online attacks seek out clients
who can initiate capital transfers from bank accounts through their systems or use
online banking services.
The main goal of this attack is to steal the client's access credentials, such as their
password, username, and other sensitive information, without their knowledge so that
they can impersonate the customer and conduct unlawful financial transactions.
Social engineering (a malicious activity) is frequently used by cybercriminals to get
confidential information.
Some of the most typical forms of vulnerable accounts that result in CATO are listed
below.
● Banking
● Public Administration
● E-commerce
● Social Media

3. Reliable Business Practices That Can Prevent CATO Losses
Over the previous few years, limiting and reducing the impact of Corporate Account
Takeover (CATO) attacks has remained a major focus for venture management
departments. The lucrative nature of the victims makes these attacks appealing. They
are, however, rarely successful due to the ongoing deployment of trustworthy business
procedures by both businesses and financial institutions to mitigate risk.
The most reliable business procedures that businesses and financial institutions can
use to avoid CATO losses are listed below.
● Think before you act: Before opening an email or responding to a text or phone
call, you should always consider the consequences of your actions.
● Deny or decline: If you ever get a request for your personal information, such as
your passwords or user ID, you must immediately decline.
● Never trust blindly: You should never trust a website, email, or phone caller until
you are certain that they are authentic.
● Carry out training sessions: Conduct training sessions regularly to keep your
employees and clients informed about the current CATO threats.
● Link escape
● Automatic log-off setting
● Firewall and anti-spy malware
● Multi-Factor Authentication (MFA)
● Operate passwordless
Conclusion:
Many digital enterprises do not have a greater level of protection anymore, and they are
easily targeted because of their lucrative nature. These Corporate Account Takeover
(CATO) attacks typically get access to a company's financial information, which
significantly influences digital business and results in significant losses.

4. In this guide, we'll look at corporate account takeover, how it happens, the methods
fraudsters use to obtain access to illegal accounts, how CATO affects digital
businesses, and how regulators work together to help you avoid it.
Guide Corporate Account Takeover