Account Takeover Cases up 57% in the UK

Account Takeover Cases up 57% in the UK

August 29, 2019

Account takeover (ATO) cases in the U.K. grew 57 percent in the first half of 2019, according to KPMG. The global consultancy’s biannual Fraud Barometer report looks at crime trends in the region and fraud cases in U.K. courts with a value of £100,000 ($122,360) and above.

Analyzing data from 217 alleged cases of fraud, the research pointed to what it called “a worrying trend in the commercialization of cyber-crime,” with several repeat offenders making their way back to court. Criminals use several techniques to illegally access online accounts, including using fraudulent email, SMS and apps to hijack private data that enables them to gain access to bank and credit card accounts.

“We are noting a worrying move from criminals simply hacking as a means to an end, to being industrialized personal data brokers on the dark web,” said Roy Waligora, KPMG U.K. head of investigations, in response to the findings. “As our digital footprints get larger, cybercriminals will continue to develop new and innovative ways to steal personal data. If we are not alive to the threats, there is a great risk that we increase our vulnerability to criminals through our inaction.”

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Joan Goodchild