Digital banking has grown 52% in recent years, and with that growth has come a surge in bot-driven account takeover (ATO) attacks. For financial institutions, automated fraud has gone from a cost of doing business to become a material business risk.
This report from Aberdeen Strategy Research, Quantifying the Impact of Credential Stuffing and Account Takeovers in Financial Services, highlights the extent and impact including:
- 84% of organizations had online users who experienced a successful account takeover over the previous 12 months.
- The mean cost of an attack can be up to 6.4% of the revenue generated from their monthly active users.
- Advanced bot detection and mitigation services top the list of technical capabilities being adopted to combat automated credential stuffing attacks.
Learn more about the risk of credential stuffing and account takeover attacks in the financial services industry. Get the report now.