What occurs during the Account Takeover process?

The Account Takeover process primarily involves unauthorized access to a financial account. This occurs when a malicious actor gains control over a legitimate user's account, often by stealing login credentials or exploiting weaknesses in security protocols. Such access allows the attacker to perform various actions, like changing account settings, making transactions, or draining funds, all without the consent or knowledge of the rightful account owner.

This process is a significant concern in the realm of cybersecurity and financial transactions, as it directly impacts the safety and trustworthiness of financial services. The unauthorized nature of the access is what makes it a criminal act, distinguishing it from other processes such as legal transfers or mergers.

While the theft of valuable information can happen as a result of an account takeover, the defining characteristic of this process is the unauthorized access itself, emphasizing the violation of the owner's rights and security rather than the mere act of theft. Legal transfers and mergers do not apply here, as they imply consent and legitimate ownership changes, which are not present in an account takeover scenario.