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Digital banking has grown 52% in recent years, and with that growth has come a surge in bot-driven account takeover (ATO) attacks. For financial institutions, automated fraud has gone from a cost of doing business to become a material business risk.
This report from Aberdeen Strategy Research, Quantifying the Impact of Credential Stuffing and Account Takeovers in Financial Services, highlights the extent and impact including:
- 84% of organizations had online users who experienced a successful account takeover over the previous 12 months.
- The mean cost of an attack can be up to 6.4% of the revenue generated from their monthly active users.
- Advanced bot detection and mitigation services top the list of technical capabilities being adopted to combat automated credential stuffing attacks.