If there’s anything most of us don’t want, it’s an unauthorized person getting access to our bank account. These accounts are where we receive our income, pay our bills, spend on daily expenses, and plan for our financial future. Having a bank account hacked can upend not just our finances but our entire lives. But every single day, people have their bank accounts hacked into and oftentimes come out with their funds stolen.
According to stats, billions of dollars are lost each year to bank account hacks, and naturally, you don’t want to become part of the statistic. But how exactly are bank accounts hacked, and how do you make sure it doesn’t happen to you?
How Do Hackers Gain Access to Bank Accounts?
In an ideal world, a bank account should be impossible to hack into. After all, they have a designated owner, and measures are in place to ensure only you can access your bank account. How, then, can so much money be lost? There are several common tactics.
Phishing Schemes
One of the most common ways that bank accounts are compromised is through phishing schemes. These essentially involve criminals impersonating legitimate organisations to gain sensitive information about someone’s bank account. Common phishing methods include text messages or emails claiming, ironically, that your account has been hacked and you must click a link to recover it.
Sometimes, you’ll be told that you have won a prize and need to log in to claim it. Either way, the point of a phishing scheme is to get sensitive information such as your bank password, account number, usernames, and so on. Once the criminal has access to this, they can access your bank account with relative ease.
Data Leaks
While banking and financial institutions do their best to protect customer data, this system is not perfect. It is not unheard of for banking institutions’ centralized databases to be hacked into, as well as internal leaks, and other things that compromise information. If this information is leaked, unscrupulous individuals can access it and use it to access customers’ bank accounts. After that, they can access the funds until the account is locked again.
Malware
Malware is malicious software installed on a victim’s device that can scan documents and files to extract sensitive information, such as banking logins. Malware can get onto a device in several ways, including fraudulent download links across the internet, scam emails that trick you into clicking download links, files sent under the guise of a legitimate work opportunity, and more. Malware distributors have become quite sophisticated over the years and have even designed websites and apps to impersonate legitimate ones.
Impersonation
This is slightly different from phishing schemes, as these typically involve a call or some sort of message claiming to be a legitimate organization. Sometimes criminals claim to be your bank and ask you to confirm your identity, or your national tax authority and ask you to make a payment, or any other institution you trust. Over the phone, they might ask for information such as your bank details, login details, credit card information, and more. These scams especially target elderly, vulnerable people who may be less aware of the method.
Signs That My Bank Account Has Been Hacked
Now that you know how a bank account can be hacked, you should know the signs to watch for if your account is ever compromised. Some of the common signs include the following:
- A Login Alert: Because banking systems know hacks are possible, your bank will typically alert you if someone logs in from a different location, such as another city or country. If you get an alert that your bank account has been logged into in a different place and not by you, it’s likely a sign of a hack.
- Funds Being Moved: A clear sign of a hack is funds being moved out of your account that you did not authorize. If you suddenly start getting debit alerts that you don’t recognize, your account might have been hacked.
- Account Freezing: Banking algorithms are trained to spot any unusual behavior and if your bank sees debits or logins that do not appear to be you, your account might be temporarily frozen. If you receive a message that your bank account has been frozen, it may be due to a suspected hack.
- Changes to Profiles and Payees: If you log into your banking app and see any changes to your profile such as name, associated email address, or phone number, it’s likely someone has hacked into your account. Also, if you see new names added to your list of authorized payees that you did not add, it’s likely a sign of a hack.
What to Do If My Bank Account Has Been Hacked
If you notice that your bank account has been hacked or even suspect it, you have to act fast:
- Freeze all cards and accounts: In your banking app, security measures let you instantly freeze all your cards or even the account itself. Doing this immediately stops any more payments from being made through your account, which can help limit the damage.
- Change Password and Logins: As soon as you freeze your account and cards, change all your passwords, PINs, and logins. This locks scammers out of the account while you escalate the issue.
- Move Funds if Possible: If you think your account has been hacked, consider moving your funds immediately to a different account that hasn’t been compromised. If you move funds from bank account A to bank account B, which is more secure, the hackers have nothing to steal.
- Immediately Alert Your Bank: As soon as you think your account has been hacked, alert your bank through your app or by phone. Take screenshots of any evidence you have, such as fake transactions, and report it to them. From there, you should receive support to secure your account, recover lost funds, or open a formal investigation.
Conclusion
Nobody wants their funds stolen from their bank account, but unfortunately, it happens. The first step to protecting yourself is understanding how these hacks happen, what signs to watch for, and what to do if you fall victim.
