Account Takeover: What the Industry Is Getting Wrong
12m 12s
In this podcast episode, host Charles Goldberg interviews Brian Lewis, CEO of IntelliCheck, about the growing threat of account takeover (ATO). Lewis highlights that ATO is now a significant issue, citing FBI data showing $360 million in reported losses from 4,700 complaints in 2025, though actual numbers are likely much higher since many victims don't report. Javelin estimates ATO losses exceed $15 billion, impacting 6 million people, with an 18% growth rate, and TransUnion reports a 37% increase in digital ATO fraud. Lewis explains that ATO targets three main areas: credit cards, bank accounts and loans, and digital accounts like email and social media. Fraudsters use publicly available information, such as credit card numbers or HELOC details, to impersonate victims. Email is particularly critical because resetting it can unlock all other accounts. He emphasizes that consumers are willing to undergo verification, like showing a driver's license, if it's done efficiently and shows the company is being careful. The episode concludes with Lewis noting that ATO is more profitable for criminals than new account fraud, making it a priority for industries like retail, finance, and healthcare. He agrees to return for further discussion on this topic.
Hello, and welcome to the IntelliCheck podcast.
This is a show where we delve into the news and issues surrounding identity verification,
identity fraud, and the tools needed to combat them.
I'm Charles Goldberg, your host for this episode, Account Takeover, What the Industry is Getting
Wrong.
And my guest with all the answers is Brian Lewis, the CEO of IntelliCheck.
Happy to be here, and maybe not all the answers, but some of them for sure.
All right, well, Brian, we'll put you to the test.
So today's topic is about account takeover, often referred to as ATO.
It's a huge industry issue.
In the FBI's annual IC3 report for 2025, account takeover was identified as a growing threat
for the first time in that report, with 4,700 complaints and about $360 million in losses.
This figure only includes Americans who took the time to contact the FBI, which is likely
a small group of victims.
The analyst firm, Javelin, says, for 2025, account takeover losses remain the costliest
fraud type, exceeding $15 billion and impacting 6 million people, and it grew by 18%.
And according to TransUnions, first half 2026, top fraud trends update, digital, right, so
online, ATO fraud was up a whopping 37% from 2024 to 2025.
Think about all the digital fraud you hear about that's out there.
It's an endless list in the news every day.
Account takeover is now over 3% of digital fraud.
So, you know, that's how you get into the billions and billions of dollars.
All right, so Brian, can you give our audience a little background on what type of accounts
are most impacted by ATO?
I think there's three main areas where, you know, we're seeing account takeover.
One is basic credit cards.
Two is bank accounts and loans.
And three is digital, online, social media, and email accounts, right?
So if you think about it, so much about you is known online.
So they know.
They know.
They know where you have credit cards.
And almost every place will let you go in and say, I forgot my credit card.
And they'll look you up.
And they will buy merchandise in your name.
And they can do that both online and in person.
In the banking world, we're seeing it where somebody walks in and says, hey, I don't,
I lost my debit card, but I need to pull out $3,000.
Or in certain states, if you have a loan or, like,
a HELOC, it is publicly registered information how much it is and what the bank account number
is.
And people go in and pretend to be you and take money out on that.
And then finally, when I'm saying, you know, like, email, you know, people will call up
and say, I need to figure out how to reset my password.
And if you, the scariest bit about it is if somebody can reset your email, they can reset
your life because most password resets are not going to work.
They're not going to be able to reset your email.
So, you know, I think that's one of the things that I think is going to be the most important
part of this.
And I think that's one of the things that I think is going to be the most important part
of this.
they feel like the company's doing due diligence and they feel like,
protected um then it has to be fast and accurate right of course you know patience only goes so
far and we have very little of it but we do like that people are doing their job and not just
handing on money out to anyone who asks for it right yeah if you think about it you know i was
just traveling on business do i care when i'm checking into the hotel and they ask me for my
driver's license absolutely not right you know same thing if i'm you know i'm just like you i
don't carry my credit like store credit cards but i like my points right so you know my driver's
license then effectively becomes my credit card across every retailer that i have i don't need to
carry them i just need my license right and you know they scan it with the same scanning gun to
merchandise and that's enough
for us to get the information to the bank who's backing that credit card
to find out should they issue me that credit so i can get my points perfect hey well so there's a
lot to absorb here but we're out of time ato is the highest for loss challenge that many retailers
financial institution health care providers even social media and email companies as you mentioned
are dealing with so would you come back and discuss this topic further with me love to
because it is big and as you said it is growing because you know the the take that the bad guys get
is much larger in this space than anything in a new account opening excellent so that's all the time
we have today my guest on the intellicheck podcast has been intellicheck ceo brian lewis and we've
been discussing a account takeover what the industry is getting wrong be sure to check out
the show notes in the description and that's all for this week thank you for listening stay safe thank you
you
Podcast Summary
Key Points:
Account takeover (ATO) is a rapidly growing fraud type, with FBI data showing $360 million in losses from 4,700 complaints in 2025, while Javelin reports over $15 billion in losses affecting 6 million people, and TransUnion notes a 37% increase in digital ATO fraud.
ATO impacts three main areas
Fraudsters exploit publicly available information, such as credit card details, loan amounts, and bank account numbers, to impersonate victims in person or online.
Consumers accept verification steps, like showing a driver's license, when they perceive the company is doing due diligence, but they expect the process to be fast and accurate.
ATO is more lucrative for criminals than new account opening, making it a top priority for retailers, financial institutions, healthcare providers, and tech companies.
Summary:
In this podcast episode, host Charles Goldberg interviews Brian Lewis, CEO of IntelliCheck, about the growing threat of account takeover (ATO). Lewis highlights that ATO is now a significant issue, citing FBI data showing $360 million in reported losses from 4,700 complaints in 2025, though actual numbers are likely much higher since many victims don't report. Javelin estimates ATO losses exceed $15 billion, impacting 6 million people, with an 18% growth rate, and TransUnion reports a 37% increase in digital ATO fraud.
Lewis explains that ATO targets three main areas: credit cards, bank accounts and loans, and digital accounts like email and social media. Fraudsters use publicly available information, such as credit card numbers or HELOC details, to impersonate victims. Email is particularly critical because resetting it can unlock all other accounts.
He emphasizes that consumers are willing to undergo verification, like showing a driver's license, if it's done efficiently and shows the company is being careful. The episode concludes with Lewis noting that ATO is more profitable for criminals than new account fraud, making it a priority for industries like retail, finance, and healthcare. He agrees to return for further discussion on this topic.
FAQs
Account takeover, or ATO, is when a fraudster gains unauthorized access to a victim's account, such as a credit card, bank account, or email, to steal money or information. It is a growing and costly type of digital fraud.
The three main areas impacted are credit cards, bank accounts and loans, and digital accounts like email and social media. Email is especially critical because resetting it can allow fraudsters to reset a victim's other accounts.
Account takeover is the costliest fraud type, with losses exceeding $15 billion in 2025, impacting 6 million people and growing by 18%. It accounts for over 3% of all digital fraud.
Fraudsters may impersonate the account holder in person, such as claiming a lost debit card to withdraw cash, or use publicly registered information like loan or HELOC details to take money out.
If a fraudster can reset your email password, they can reset passwords for other accounts, effectively taking over your digital life. This makes email a prime target for ATO.
Customers want companies to perform due diligence and verify identity, making them feel protected. They also expect the process to be fast and accurate, balancing security with convenience.
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