What is Account Takeover (ATO) and how does it happen?
Account takeover (ATO) occurs when a fraudster gains access to your online banking account and makes unauthorized transactions. Understanding how it happens can help you prevent it.
How does account takeover happen?
1. Credential stuffing: scammers use stolen usernames and passwords from other data breaches to try logging into bank accounts. If you reuse passwords across sites, your account may b e at risk.
2. SIM swapping: fraudsters trick mobile carriers into transferring your phone number to a new SIM card. This allows them to receive your verification codes and reset account passwords.
3. Password reuse: using the same password across multiple accounts increases risk. If one site is compromised, scammers may try those same credentials elsewhere.
How to secure your account:
- Use strong unique passwords for every account.
- Enable multi-factor authentication (MFA).
- Never share verification codes.
- Monitor your account regularly for unusual activity.
Important: Panacea will never ask for your password, PIN, or one-time verification codes. If someone requests this information, it is a scam.
What to do if you suspect ATO:
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Change your password immediately.
- Review recent transactions.
- Contact our support team right away.