Combating Account Takeover Fraud with Effective Prevention and Detection Strategies
Account takeover fraud is a constant threat impacting financial institutions and their customers. With strong prevention and detection strategies in place, financial institutions can manage this threat more effectively, helping protect their customers and limiting loss exposure.
Explore this module to:
- Learn about prevention and detection strategies to protect both consumer and business customers
- Understand how different channels present unique risks and can benefit from tailored controls to identify account takeover fraud
- Discover how consistent classification using the FraudClassifierSM and ScamClassifierSM models can help strengthen prevention and detection efforts
Learn more about mitigating account takeover fraud in the video below.
Interactive Exercise: Analyze Account Takeover Fraud From Three Different Perspectives
Dive into a hypothetical account takeover scenario and see it from three different perspectives:
- The financial institution
- The customer
- The criminal
After seeing each perspective, answer multiple-choice questions and practice classifying the scenario using the FraudClassifierSM model and ScamClassifierSM model.
Downloadable Resources
Explore these resources for additional information on account takeover fraud basics.
| Document Title | Format | Reading Time |
|---|---|---|
| Considerations for Financial Institutions to Prevent and Detect Account Takeover Fraud (PDF) | Document | 6 minutes |
| Prevention and Detection Strategies for Financial Institutions (Off-site) | Video | 3 minutes |
| Account Takeover Fraud: Prevention and Detection by Channel (PDF) | Document | 6 minutes |
| Protecting Individuals From Account Takeover Fraud (PDF) | Document | 5 minutes |
| Infographic: Protecting Individuals from Account Takeover Fraud (PDF) | Document | 3 minutes |
| Protecting Business Customers from Account Takeover Fraud (PDF) | Document | 4 minutes |
| Classifying Account Takeover Fraud Using the FraudClassifier and ScamClassifier (PDF) | Document | 6 minutes |
| The Next Frontier in Account Takeover Defense (PDF) | Document | 4 minutes |
Explore the toolkit modules below for resources to help understand account takeover fraud.
The account takeover fraud mitigation toolkit was developed by the Federal Reserve to help educate the industry about account takeover fraud and outline potential ways to help detect and mitigate this fraud type. Insights for this toolkit were provided through interviews with industry experts, publicly available research, and team member expertise. This toolkit is not intended to result in any regulatory or reporting requirements, imply any liabilities for fraud loss, or confer any legal status, legal definitions, or legal rights or responsibilities. While use of this toolkit throughout the industry is encouraged, utilization of the toolkit is voluntary at the discretion of each individual entity. Absent written consent, this toolkit may not be used in a manner that suggests the Federal Reserve endorses a third-party product or service.