Understanding and Preventing Account Takeovers (ATO)

What is ATO?

Account Takeover (ATO) is a type of cyber crime whereby a third party gains unauthorized access to your account without your permission or awareness. This can lead to serious financial loss, unauthorized transactions, unauthorised changes to your account details, identity theft, and other harmful consequences.

How Does ATO Happen?

1. Data Leak via Phishing Attack:

• • Phishing is a common deceptive tactic that tricks you into revealing sensitive information, such as your login credentials. This is often done through fraudulent emails and text messages, or through fake websites that look like legitimate sources.
  • Example: John receives an email which looks like it is sent by his bank, requesting him to verify his account details. The link in the email leads to a fake website which prompts him to enter his username and password, and thereby unknowingly granting the attacker access to his account.

2. OTP Bots:

• • One-Time Password (OTP) bots are malicious software designed to intercept and steal OTPs used for two-factor authentication. To achieve this, the attacker might send your personal information such as your phone number to the bot, which then pretends to be a legitimate company and requests for the OTP.
  • Example: The attacker logs into Susan’s bank account and triggers an OTP. The OTP bot then sends Susan a message saying We’ve detected suspicious activity in your bank account. Reply with the OTP sent to secure your account.” If Susan replies to the message and shares her OTP, the attacker can then use the OTP to log in Susan’s bank account and steal her money.

3. Obtaining Phone Control:

• • Attackers can gain unauthorized access to your device’s operating system via malware. This can happen if you download a malicious app or click on a malicious link.
  • Example: Celine saw an advertisement on Facebook on a flash deal, which prompted her to download an application to complete the purchase. Celine then downloaded the application, which was in reality a malicious app. After the application has been downloaded, Celine realised her banking app was opened automatically and an unauthorised transaction was executed as the attacker was able to control her phone remotely.

How to Protect Yourself

1. Exercise Caution with Attachments and Links:

• • Be cautious with email attachments and links, especially from unknown sources. Malware can be hidden in these files.
  • Tip: Do not click on links or download attachments from unknown email addresses or mobile numbers. Even if the link looks legitimate, it could lead to a fake website.

2. Update Your Credentials:

• • Regularly update your passwords and use strong, unique passwords for each account.
  • Tip: Use a password manager to generate and store complex passwords securely.

3. Never Disclose Your OTP:

• • Never share your OTP with anyone, even if they claim to be from a legitimate company.
  • Tip: WorldFirst employees will never request you to share your OTP. Be cautious of calls or messages asking for your OTP, especially if the voice sounds artificial.

4. Check Before Downloading Apps:

• • Verify the legitimacy of an app before downloading. Check the number of downloads and check the app reviews.
  • Tip: If a well-known payment platform has very few downloads, it might be a red flag. Also, pay attention to any warning messages before downloading an app from the Google Play Store or Apple App Store.

5. Treat Warning Signs Seriously:

• • Pay attention to any warnings or alerts from your device or apps. These can indicate potential security threats.
  • Tip: Read warning messages carefully and do not proceed if something seems off.

6. Avoid Fake Websites:

• • Fake websites often look legitimate but are designed to steal your login credentials or sensitive information. Verify through the company’s official website to avoid accidentally visiting malicious websites. Examples of official WorldFirst sites: worldfirst.com/my/, worldfirst.com/ph/, worlfirst.com.cn
  • Tip: Bookmark https://portal.worldfirst.com/dashboard to avoid accidentally visiting malicious websites. Always verify the URL before logging in.

Potential Consequences of ATO

• Financial Loss: Attackers can steal money from your account through unauthorized transactions.
• Legal Implications: Your personal information may be used to commit fraud, thereby causing you to unintentionally become involved in illegal activities.
• Reputational Damage: For businesses, ATO can harm your reputation and customer trust.

What to Do If You Suspect ATO

• Contact Us Immediately: Reach out to the Merchant Services team at https://www.worldfirst.com.cn/static/help/contact-info/ for immediate support. We can help you to suspend your account and initiate an investigation.
• Change Your Passwords: Update your passwords for all affected accounts.
• Report the Incident: Inform the relevant authorities about the incident.

• • Reporting fraud in the UK
  • Reporting fraud in the US
  • Reporting fraud in the EU
  • Reporting crime in Canada
  • Consulting your local police about reporting fraud in Japan
  • Reporting fraud in Brazil
  • Reporting fraud in Hong Kong
  • Reporting fraud in Malaysia
  • Reporting fraud in Singapore
  • Reporting fraud in the UAE
  • Reporting crime in Australia
  • Reporting crime in New Zealand

By staying vigilant and following these protective measures, you can significantly reduce the risk of falling victim to an account takeover.