Account Takeover, or account compromise, is a kind of attack fraudsters use to gain access to another person’s online account without their consent. It is a form of identity theft performed online that fraudsters use to take over other people’s important accounts and use it to their benefit.
In the case of online bank accounts, fraudsters usually change the victim’s password to lock them out once they get access to their account. After which, they can change the account’s email address and/or mobile number so that the victim won’t receive any communication regarding their account activities. Once successful, fraudsters withdraw or transfer the funds from their victim’s account.