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Account Takeovers Increase in the Finance Industry

Posted February 15th, 2021 by LuAnn Bean & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Intermediate Accounting, Uncategorized.

According to statistics of events detected by Kaspersky Fraud Prevention, the share of account takeovers in the finance industry have increased from 34% in 2019 to 54% in 2020.

Questions:

  1. What are the two most common schemes to get access to a bank account?
  2. How often are legitimate remote administration tools misused to gain access to user accounts?
  3. The importance of digital financial services and e-commerce during the COVID crisis is thought to cause a spike in what type of techniques that are exploited by cybercriminals?

Source:

Staff. (2021).Account takeover incidents in finance industry up by 20% in 2020: Kaspersky. The News Minute, Feb. 15 (Retrievable online at https://www.thenewsminute.com/article/account-takeover-incidents-finance-industry-20-2020-kaspersky-143456)

Tags: account takeovers bank accounts COVID COVID-19 cybercriminals digital financial services ecommerce finance industry FinTech Fraud remote administration tools scams

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