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What is account takeover fraud? How criminals break into money accounts

By SendPay Business · · 2 min read

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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.
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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.

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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.

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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 launch.

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How it works

Your own money app
  1. Name it and pick your colours
  2. Choose what it does
  3. Launch when you are ready

Why sign up

Create your free SendPay account

It's all about creating your own financial platform with ease. Start with a free account today.

  • A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
  • Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
  • A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
  • Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

What is strong customer authentication?

The two-step checks that protect payments.

SCA →
What is a money mule?

How stolen money is moved through other accounts.

Money mules →
Can I launch my own money app?

Yes, with identity checks built into sign-up.

See platforms →

Read next

Spotted a mistake or something out of date? and we'll fix it. How our guides are made

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. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.