An account takeover can happen when a fraudster or computer criminal poses as a genuine customer, gains control of an account and then makes unauthorised transactions.
Any account could be taken over by fraudsters, including bank, credit card, e-mail and other service providers. Online banking accounts are usually taken over as a result of phishing, spyware or malware scams.
Phishing e-mails are an attempt at fraud where criminals pose as reputable companies in an attempt to acquire private, sensitive information such as your eWallet username and password, credit card details, personal details. This is all performed in an effort to defraud.
These types of attacks typically relay on social engineering techniques and information from popular social media websites to gather background information on the targeted user.