Security News > 2021 > October > ATO attacks increased 307% between 2019 and 2021

The report also revealed a staggering 307% increase in ATO attacks between April 2019-shortly after many COVID-19 stay-at-home orders were enacted-and June 2021.

ATO attacks against the fintech sector soared 850% between Q2 2020 and Q2 2021, mainly driven by a concentration on crypto exchanges and digital wallets, where fraudsters would likely try to liquidate accounts or make illicit purchases.

The report also paints a detailed picture of the ripple effects of ATO attacks on both businesses and consumers alike.

Compromise breeds compromise: 48% of ATO victims have had their accounts compromised between two and five times.

ATO leads directly to brand abandonment: 74% of consumers surveyed say they would stop engaging with a site or app and select another provider if their account was hacked on that site or app.

The aftermath of an ATO attack: 45% of those who experienced ATO had money stolen from them directly, while 42% had a stored credit card or other payment type used to make unauthorized purchases, and 26% lost loyalty credits and rewards points to fraudsters.

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