Social Media Account Takeover Fraud
The Identity Theft Resource Center (ITRC) published the 2022 ITRC Consumer Impact Report last week. It details a new scam known as “social media account takeover fraud,” in which cybercriminals and ID theft criminals hijack Facebook and Instagram accounts to steal personally identifiable information (PII). Account takeover fraud (ATO), is when a fraudster successfully accesses your bank account, credit card account, cell phone account, utility account, Social Security account, or reward/loyalty card account. This occurs when malicious actors attempt to take control of an account using weak passwords, phishing, hacking, and/or credential stuffing. What is happening… Social media account takeover attacks have increased by more than 1,000% in the past 12 months, according to the ITRC. The results of a quick survey of victims who reported a social media account takeover are included in the 2022 Consumer Impact Report. The victims who participated in the micro-survey stated the following: 85 […]