LIMINAL RESEARCH REPORT​

Market & Buyer's Guide for Account Takeover Prevention in Banking 2024

05/29/24

Report Overview

Account takeover (ATO) poses a major risk in the banking sector, where unauthorized access through phishing, malware, or stolen credentials leads to misuse of accounts for theft and other malicious activities. This results in significant financial losses and undermines customer trust. Banks are especially vulnerable due to their access to substantial financial and personal data. ATO attacks are becoming more sophisticated, using social engineering and advanced technology to break through security defenses. Despite an average fraud loss of $6,232 per incident, many banks are not fully leveraging available technologies like mobile device signals to combat these threats, exacerbating their vulnerability. Liminal estimates the total addressable market for ATO prevention in banking is expected to grow from $954.8 million in 2024 to $1.5 billion by 2028 at a CAGR of 9.3%.

The banking industry faces several challenges in addressing ATO threats. Compliance with privacy laws like GDPR, which restrict necessary data collection, creates tension between advanced security measures and legal requirements. Despite mobile and web interfaces being primary ATO targets, only 44% of banks use mobile device signals in their defenses. Data restrictions by Big Tech companies further limit fraud detection capabilities. Advanced security measures, like continuous authentication, are costly, making them less accessible to smaller banks. This results in uneven security capabilities across the industry, with smaller banks remaining at higher risk. High costs create significant barriers to widespread adoption, complicating the industry’s response to ATO threats. By addressing these areas, banks can mitigate the risks associated with ATO attacks, protect their assets and customers, and navigate the complex landscape of security and privacy regulations. 

What will readers learn

  • Understand the significant threat ATO poses through unauthorized access and misuse of accounts, leading to financial losses and erosion of customer trust.
  • Gain market insights into the increasing sophistication of ATO attacks, which use advanced technology and social engineering.
  • Explore the complications banks face, including balancing security with privacy regulations, technology gaps, and high costs of advanced security measures.
  • Learn about what advanced security technologies are being explored and adopted by banks, and the benefits they’re seeking from biometrics and AI-driven solutions.
  • Understand what is means to tailor security strategies for compliance and discover key purchasing criteria for investing in technologies that enhance security and customer experience.

What’s inside the report

  • Market Overview
  • Current State of Account Takeover
  • Necessary Product Capabilities
  • Market Dynamics, Challenges, and Demands
  • Market Size, Opportunity and Drivers
  • Future Outlook
  • Buyer’s Guide and Notable Vendors List

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