A bank account gets hacked through methods like phishing (fake emails/texts to steal logins), malware (keyloggers recording keystrokes), SIM swapping (hijacking phone number for 2FA), Man-in-the-Middle attacks (intercepting data on public Wi-Fi), brute-force attacks (guessing weak passwords), and data breaches, often by exploiting weak passwords, reused credentials, or user error, leading to stolen login info or unauthorized transactions.
Your bank account could have been hacked due to various cyber attacks, including brute force, phishing, SIM swapping, credit card skimming or Man-in-the-Middle (MITM). Regardless of how your bank account got hacked, it is important to act quickly to protect your identity, privacy and finances from further damage.
Be familiar with signs of a compromise.
Check your account for any unauthorized transactions, including withdrawals and scheduled or recent transfers. You should also be on the lookout for address changes, failed login attempts, or password resets.
If a criminal has both your routing number and account number they can potentially steal money from your account through fraudulent ACH transfers and payments.
The breach was attributed to a security vulnerability in the file transfer software MOVEit, which is produced by Progress Software and used by the bank.
Timeliness Matters: If you report the unauthorized transactions within two business days of discovering them, your liability is limited to $50. If you wait longer but report within 60 days, you could be liable for up to $500. Beyond 60 days, you risk losing all the funds that were stolen.
You know your account is hacked if you see unauthorized logins, changed passwords/settings, sent messages/emails you didn't write, unfamiliar charges, or get password reset alerts you didn't request; also look for strange software, pop-ups, browser redirects, or missing files on your device.
With the right habits and tools in place, you can make your bank account significantly harder for hackers to access and help prevent identity theft.
To stop someone from accessing your bank account, immediately change your password, enable multi-factor authentication (MFA), set up transaction alerts, and contact your bank's fraud department to freeze your card or account if you suspect unauthorized access, then report the fraud to the Federal Trade Commission (FTC) and consider placing credit freezes.
When you share your bank account number, even with reliable individuals and organisations, you expose yourself to potentially unauthorised transactions. Scammers are increasingly sophisticated and may smoothly use your account number to initiate transfers or withdrawals without your permission.
The Verdict
Citibank and Bank of America offer the most protection for their customers, each providing three additional dimensions of security. The following are explanations of the additional features card issuers offer.
It might not always be obvious that your bank account was hacked. Though many hackers will deplete your funds, others take smaller amounts here and there, hoping you won't notice. After all, you can tell immediately if your account balance drops to zero, but you might not realize if $100 is disappearing each month.
Key takeaways. Verify you're on legitimate bank websites and apps before entering login information — hackers create convincing fake sites to steal credentials. Use strong, unique passwords for each financial account and enable two-factor authentication for an extra layer of security.
You know your identity might be stolen through signs like unexpected bills or debt collection calls for accounts you didn't open, unfamiliar charges on bank/credit statements, loan application denials despite good credit, missing mail, or IRS alerts about fraudulent tax returns, all indicating someone is using your personal info for fraudulent activities like opening new accounts, draining funds, or filing taxes in your name. Regularly checking credit reports and bank statements is crucial to catch these red flags early.
The "$10,000 bank rule" refers to federal laws requiring financial institutions and businesses to report large cash transactions (deposits, withdrawals, payments) of over $10,000 in currency to the government to combat money laundering and financial crimes. Banks file Currency Transaction Reports (CTRs) for cash activity over $10,000, while businesses file Form 8300 for similar payments, both sending info to FinCEN and the IRS to track illicit funds.
Most financial experts recommend using a simple formula to determine how much money you should keep in your checking account: two months worth of living expenses in addition to a 30% buffer for safety.
Remote hacking tools such as spyware can allow threat actors to do exactly that—as well as “mirror” or view your device screen and everything on it. But by understanding the warning signs and following a few best practice steps, it is possible to keep snoopers at bay.