Account takeover fraud incidents continue to grow in number and complexity. Emerging technologies combined with consumers’ expanded digital footprints and criminals’ access to breached user data fuels this trend and creates a real need for resources to help defend both consumers and businesses. Monitoring transaction activity with a critical eye, being aware of the warning signs, and acting on suspicious activity early can help prevent losses and protect customers.
The Federal Reserve continues to provide educational resources to help financial institutions combat payment fraud. Education is an important part of fraud defense and an effective way to protect your customers. Initially launched earlier this year, the Account Takeover Fraud Mitigation Toolkit (Off-site) has a fresh batch of content that explores prevention and detection through realistic scenarios, interactive quizzes, training videos and downloadable resources.
Check out what’s new in this toolkit
- Module 2: How Account Takeover Fraud Happens (Off-site) includes a new video that explores the role of non-financial digital accounts and a new interactive quiz to test your knowledge.
- Module 3: Preventing and Detecting Account Takeover Fraud (Off-site) is all new content focusing on prevention and detection strategies. This module covers how different channels present unique risks and demonstrates how consistent classification using the FraudClassifier℠(Off-site) and ScamClassifier℠(Off-site) models can help strengthen prevention and detection efforts.
- Module 4: Account Takeover Fraud Scenarios (Off-site) is a new module that walks users through several realistic scenarios illustrating how account takeover happens and shows how to protect customers against it.
Below is a comprehensive list of the additional resources added to the Account Takeover Fraud Mitigation Toolkit
New “Test your Knowledge” assessments
- Module 2 Interactive Quiz: “How Well Do You Understand Account Takeover Fraud?” (Off-site)
- Module 3 Interactive Exercise: “Analyze Account Takeover Fraud from Three Different Perspectives” (Off-site)
New videos
- Module 2: The Role of Non-Financial Digital Accounts in Account Takeover Fraud (Off-site)
- Module 3: Account Takeover Fraud Prevention and Detection Strategies for Financial Institutions (Off-site)
- Module 4: Account Takeover Fraud Scenario: Data Breach + Bank Impostor Scam (Off-site)
- Module 4: Account Takeover Fraud Scenario: Social Media Information + SIM Swap (Off-site)
New downloadable resources
- Module 3: Considerations for Financial Institutions to Prevent and Detect Account Takeover Fraud (PDF, Off-site)
- Module 3: Account Takeover Fraud — Detection and Prevention by Channel (PDF, Off-site)
- Module 3: Protecting Individuals From Account Takeover Fraud (PDF, Off-site)
- Module 3: Infographic — Protecting Individuals From Account Takeover Fraud (PDF, Off-site)
- Module 3: Protecting Business Customers From Account Takeover Fraud (PDF) (Off-site)
- Module 3: Classifying Account Takeover Fraud Using the FraudClassifier and ScamClassifier Models (PDF, Off-site)
- Module 3: The Next Frontier in Account Takeover Fraud Defense (PDF, Off-site)
- Module 4: Account Takeover Fraud Scenario: Data Breach + Bank Impostor Scam (PDF, Off-site)
- Module 4: Account Takeover Fraud Scenario: Malware (PDF, Off-site)
- Module 4: Account Takeover Fraud Scenario: Personal Email Compromise (PDF, Off-site)
- Module 4: Account Takeover Fraud Scenario: Social Media Information + SIM Swap (PDF, Off-site)
“Effective prevention and detection across every stage of the account takeover lifecycle (harvest, access and monetize) is essential to migrating this persistent threat. These new resources help financial institutions strengthen their defenses while also supporting education for their staff and customers, building greater awareness of account takeover fraud and the behaviors that can prevent it.” Quote from Mike Timoney, vice president of payments system improvement at Federal Reserve Financial Services
Don’t forget to explore our other fraud toolkits where you can find a comprehensive collection of downloadable resources, videos and ‘Test Your Knowledge’ self-assessments where you can evaluate your ability to identify check fraud, scams and synthetic identity fraud.
- Synthetic Identity Fraud Mitigation Toolkit (Off-site)
- Explore the Scams Mitigation Toolkit (Off-site)
- Explore the Check Fraud Mitigation Toolkit (Off-site)
Stay engaged
Watch for more information and learning opportunities from the Federal Reserve as we continue to collaborate with the payments industry to address the growing threat of fraud.
