Although it may be easy for some to view social media identity theft as a mere inconvenience, recent reports have shown how closely tied one’s online reputation is to their emotional wellbeing. When accounts get taken over because of stolen credentials, the results can be devastating on a personal level.
Panic, embarrassment, and shame.
These are real feelings resulting from things that occur in our digital world. And not the sort of feelings we want customers’ end users to associate with our products. Whether it’s social media, fintech, ecommerce, or any other organization with an exploitable user base, credential stuffing is here to stay.
According to The Identity Theft Resource Center (ITRC) there was a 1044% increase in social media account takeovers from 2020 to 2021.
Astounded by this statistic, the ITRC organized a survey of social media account takeover victims and found that 66% reported experiencing strong emotional reactions to losing control of their social media account:
- 92% felt violated
- 83% worried and anxious
- 78% angry
- 77% vulnerable
- 7% suicidal
Another study from 2020 suggests 28% of consumers will stop using a website if their account was hacked. It’s time for businesses to fight back and protect themselves and their customers from Account Take-Over (ATO) attacks.
Stopping fraud isn’t only about saving money. It is just as critical to build trust, safety and security into the fibers of a more ideal digital future.
Which is why Exclusive Networks is proud to help drive the transition to a totally trusted digital world.