Artificial intelligence (AI) is one of the many tools we use every day, from the apps on our phones to the websites we shop on. Unfortunately, scammers are using it too. One of the most common ways they break into accounts is not through sophisticated hacking, but by using AI to uncover and steal reused passwords. In this blog, we will explain what credential stuffing is, how AI is making it faster and easier for scammers, and how you can protect yourself.
What is Credential Stuffing?
Credential stuffing occurs when scammers take usernames and passwords stolen from a data breach and use them to try to gain access to other websites and apps. These login details are often sold or leaked online, sometimes years after the original breach. If you use the same password on more than one account, a single leak can give scammers access to several of your accounts.
How AI is Making These Attacks Faster
Credential stuffing isn’t new, but AI and automated tools have made it much easier to carry out fraud on a large scale.
Scammers can use these tools to:
- Sort through large lists of stolen information in seconds
- Guess common variations people make to their passwords, such as swapping an “o” for a “0”s or adding an “!” at the end
- Test thousands of logins across many websites at once
Work that once took scammers days can now be done in minutes. The scammer doesn’t need to know your password. They only need to know you have reused one
Ways to Protect Yourself
- Use a different password for every account. A password manager can create and store unique passwords for you, so one leaked password can’t unlock your other accounts.
- Turn on multi-factor authentication (MFA) wherever it is offered. MFA adds a second step to verify your identity, so a stolen password alone isn’t enough to gain access. Learn how to secure your accounts with MFA in our article, Multi-Factor Authentication: How to Secure Your Bank Accounts.
- Never approve an MFA request you didn’t initiate. An unexpected login code or approval prompt can be a sign that someone already has your password. Deny the request and change your password immediately.
- Clean up old accounts. Delete accounts you no longer use, and remove saved payment cards from apps and websites you rarely use.
What Should You Do If You Think an Account Has Been Compromised?
- Change the password on that account and on any other accounts that use the same or a similar password.
- Review recent activity on your bank and credit card accounts.
- If you notice suspicious activity on your Needham Bank account, contact us immediately.
As AI technology continues to evolve, scammers can test stolen passwords faster and on a larger scale than ever before. Using unique passwords and enabling MFA are simple habits that can help keep your accounts secure, and they’re most effective when used together.
We’re Here to Help You Stay Protected
At Needham Bank, protecting your financial security is a priority. If you ever have concerns about activity on your account, don’t hesitate to call our Customer Care Center at 781-444-2100.
Looking for more ways to stay protected? Visit our Fraud Prevention Resources for tools, tips, and insights to help you recognize and avoid common scams.
