What is account takeover fraud? How criminals break into money accounts
By SendPay Business · · 2 min read
Account takeover fraud is when a criminal gets into someone else's online account, such as a bank, payment or crypto account, and uses it as if they were the owner. They may send money out, change the contact details or order new cards.
Common ways in
- Phishing messages that trick people into typing their login on a fake site.
- Reused passwords leaked from another site's data breach.
- SIM swaps, where a criminal moves a phone number to their own SIM to receive codes.
- Malware on a phone or computer that records what is typed.
How strong authentication helps
Strong customer authentication asks for two separate things, such as a password and a fingerprint or app approval, before sensitive actions. That means a stolen password alone is not enough to move money.
Simple protections
Use a different password for every money account, turn on app-based approval where offered, and never share one-time codes. Real banks and payment apps do not ask for your full password or codes by phone or message.
Where SendPay fits
SendPay platforms include customer identity verification at sign-up, powered by licensed partners. SendPay tells you in writing what security and compliance duties apply to your platform before you pay.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.