Stay Safe: How to Detect and Avoid Account Takeover Attacks

Main Takeaways

• Account takeover (ATO) attacks involve cybercriminals stealing login credentials to gain control of online accounts.

• This form of identity theft is on the rise and affects both individuals and businesses.

• Learn to recognize the signs of ATO attacks and how to protect yourself.

Imagine waking up one day to find your crypto savings drained. For victims of account takeover (ATO) attacks, this is the harsh reality! ATO attacks occur when cybercriminals gain control of online accounts to steal funds or personal data. They may also use the stolen identity for malicious activities. Attackers can steal login credentials through malware, social engineering, and other malicious tactics.

However, attackers often display predictable patterns of behavior that can serve as warning signs. Recognizing these red flags can enable you to take timely action and protect your accounts from ATO attacks.

Red Flags: How to Spot Account Takeover Attacks

ATO attacks can be devastating, but early detection is a solid way to safeguard your assets and personal information. By being aware of the common warning signs, you can take swift action to prevent unauthorized access to your accounts. 

Below are some key red flags to watch out for.

Requests for sensitive information or account access

Be cautious if you receive calls, messages, or emails asking for personal information or login details. Legitimate service providers will never ask for sensitive information through these channels.

Cybercriminals often pose as trusted entities, such as banks or financial service providers, to trick you into revealing your login credentials, personal identification numbers (PINs), or other sensitive information. 

Once they have this information, they can gain unauthorized access to your accounts, change your security settings, and potentially drain your funds or steal your identity.

Example

You receive a phone call from someone claiming to be from your bank, asking for your account number and PIN to verify suspicious activity. This is a common tactic used to steal your information.

Suspicious emails or messages

If you receive unexpected or suspicious messages, someone might be using phishing techniques to obtain sensitive information like your username, password, or 2FA code. 

Be wary of messages with suspicious links or urgent requests for action, such as password updates. These fake messages often come from unfamiliar email addresses and contain spelling or grammatical errors.

Phishing emails or messages are designed to look like they come from legitimate sources, such as your bank or a service provider, to trick you into clicking on malicious links or providing sensitive information.

To avoid such phishing attacks, you may choose to set up an anti-phishing code that only you know. This unique code will be attached to all official Binance communications, so you’ll know it’s from us.

Example

You receive an email that appears to be from Binance, asking you to click on a link to update your password immediately. The email contains spelling errors and comes from an unfamiliar address. Despite having activated an anti-phishing code on Binance earlier, you don’t see your code featured in the message.

Changes in account funds

Keep an eye on your asset balances and transaction history. Be on the lookout for sudden increases in trades or orders, withdrawals you did not initiate, or unfamiliar transactions. If you’re a Binance user, you can report any unusual activity immediately to our Customer Support team.

You should also be wary of fake emails that claim an unknown transaction has occurred. These can be used to phish your account details and take advantage of you potentially panicking.

Example

You notice an attempted withdrawal from your account that you did not authorize to an unknown wallet address. This could indicate that someone has gained access to your account and is moving your funds. 

Inability to log into your own account

If you are unable to log in with your existing credentials, someone else may have changed your password. Alternatively, your two-factor authentication method may have been changed without your knowledge, preventing you from accessing your own account.

Example

You attempt to log into your Binance account, but your password no longer works, and you do not receive your usual 2FA code. This could indicate that someone has taken over your account and changed the security settings.

Unauthorized changes to account settings

If you see any unexpected changes to your account settings, like contact details, email addresses, or security preferences, someone might be trying to gain control of your account.

Example

You find that your Binance API keys have been created or modified without your knowledge. These changes can indicate that someone else has taken control of your account and may be using the API keys to execute unauthorized trades or access your account data.

How to Protect Your Binance Account from Account Takeover Attacks

By following some simple security steps, you can help easily protect your Binance account and keep your assets secure. Let’s take a look at what exactly you can do.

1. Set alerts from Binance

Enable notifications within your Binance account settings to receive alerts for unauthorized activity like password changes, login attempts, or withdrawals.

2. Enable two-factor authentication (2FA) or passkey

Two-factor authentication (2FA) can help secure your Binance account as they add an extra verification step, making it difficult for hackers to access your account. Examples of 2FAs include passkeys, the Google Authenticator app, and SMS codes. 

Additionally, if you’ve set up 2FA, you will be alerted whenever you or someone else is attempting to log into your account.

While 2FA is considered the gold standard of account protection, passkeys offer an alternative authentication method, powered by public-key cryptography, which helps address some of the limitations of 2FA.

3. Observe login patterns

Unusual login times or browsing patterns may indicate unauthorized access. For example, if you typically log in after work but receive a notification of early morning activity, someone else may have accessed your account.

4. Check for unfamiliar linked devices

Suspicious login attempts from different devices or locations may indicate a potential attack. Investigate further if you notice unfamiliar device information.

If you suspect an ATO attack, immediately change your password and enable multi-factor authentication (MFA) for added protection.

The Importance of Regular Account Audits

When it comes to ATO attacks, prevention is better than cure. Regularly reviewing and assessing your account security settings can help defend against the threat. Periodic account checks can strengthen security, identify compromised accounts, detect suspicious activity early, and screen for unauthorized access.

Make it a habit to:

• Change passwords regularly

• Review access permissions

• Monitor activity logs

• Update security settings when needed

The Binance security teams are also constantly monitoring suspicious activity to optimize security measures. Whenever there is an ATO report from users, Binance will carefully investigate the causes and assist the victims. If you suspect that your Binance account might be compromised, contact Customer Support as soon as possible.

Further Reading

• Binance CSO: Understanding Recent Credential Leaks and the Rise of InfoStealer Malware

• Stay Safe From Smishing – Activate your Anti-Phishing Code Today

• Passkeys: Unlocking Safer, Smoother Logins on Binance and Beyond

Disclaimer and Risk Warning: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial advice, nor is it intended to recommend the purchase of any specific product or service. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Not financial advice. For more information, see our Terms of Use and Risk Warning.