Imagine this: You have an elite frequent flyer status. You're a loyal customer, a model customer. You've spent years building up your frequent flyer miles, dreaming of that perfect vacation with your family. Then, one day, your digital world crumbles. You can't access your account. Your miles vanish (Airlines are under no obligation to return stolen miles). Your dream vacation turns into a nightmare.
This is exactly what happened to Steve. For years, he'd been the airline's dream client, clocking in countless hours and millions of miles on flights. Like many business travelers, Steve meticulously hoarded those miles, envisioning exotic beaches and family adventures. But his loyalty rewards failed in the most devastating way.
One day, Steve simply couldn't access his frequent flyer account. He tried different passwords, his account number, even logging in from different devices. Nothing.
The friendly customer service representatives, who greeted him by name, were baffled. They could see his account, his miles, his upcoming trips, but they couldn't grant him access. A verification email was sent, but it never arrived.
Little did Steve know, something far more sinister was at play. His credentials – his user ID, password, and email – had been compromised. His account, his miles, his dream vacation – all stolen by cybercriminals lurking in the shadows of the internet.
The airline's support team, though well-intentioned, inadvertently played into the hands of these digital thieves. Each attempt to recover his account, each new password and verification email, only strengthened the grip of the hackers who now controlled his digital identity.
By the time Steve reached a supervisor, his frustration had boiled over. The supervisor confirmed the password had been changed; the emails were sent... but to an address Steve couldn't access because the criminals had changed emails and access. The agonizing truth became clear: his account was gone, his miles plundered, his vacation dreams shattered.
This is the devastating reality of account takeover. Cybercriminals don't care about your loyalty, your hard-earned rewards, or your family memories. They see only opportunity, exploiting vulnerabilities to steal and profit.
What’s worse is this all could have been avoided. It's not uncommon for consumers to use the same username and password across airlines and travel sites, or any site for that matter. On Steve’s part, he could have changed his password regularly. But, like most consumers, Steve uses the same or similar passwords across multiple online accounts making it easier for fraudsters to strike.
Many airlines, hotels and rental companies don't focus on account takeover or even check for compromised credentials to protect customer accounts.The airline could have been more diligent in checking to see if Steve’s credentials had been compromised when the criminals, acting as Steve, went into his account and changed details, effectively locking Steve out and taking over his account.
Account takeover (ATO) is not new and it is growing. 2024 saw a 24% increase in ATO, resulting in a staggering loss of more than $13 billion in 2023. In fact 75% of security experts rank ATO as one of their top four issues they deal with. Some estimates show nearly 77 million consumers experience something like Steve did.
But there is hope. myNetWatchman offers a powerful shield against these digital threats. Our credential screening service could have prevented this nightmare by alerting the airline to the compromised credentials before Steve’s account was hijacked.
Our proactive monitoring would have identified the threat in real-time, triggering immediate action to secure his account and prevent the devastating loss.
Don't let this happen to your company or your customers. Contact MyNetWatchman today for a free consultation and discover how our comprehensive cybersecurity solutions can protect your business from the growing threat of account takeover and online fraud.
Visit our website at myNetWatchman.com to learn more about our services and take the first step towards a more secure future.
Sources:
Abnormal Security's 2024 State of Cloud Account Takeovers Report.
"ATO attacks increased by 24% year-over-year in 2024." Sift's Q3 2024 Digital Trust Index.
Account takeover fraud resulted in nearly $13 billion in losses in 2023."
2024 AARP & Javelin Fraud Study.
Security.org's 2023 Account Takeover Report.
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