It is generally safe to give someone your bank account number to deposit money. An employer or family member might need the number to deposit money into your account.
A bank routing number typically isn't enough to gain access to your checking account, but someone may be able to steal money from your account if they have both your routing number and account number.
If a scammer had your account number and other info — perhaps your driver's license number and/or your home address — they might be able to make illegal purchases online. So don't relax and think you shouldn't be guarded with your bank account number.
Also, you should never share your personal banking details, such as PIN, card number, card expiry date and CVV number (that's the three digit number, which, in Starling's case can be found on the right side of the signature strip).
Potential For Fraud
It is possible for someone to set up ACH withdrawals from your account if he has the account and routing numbers. ACH fraud is big business, but it mostly targets commercial bank accounts.
The Difference Between Routing Number and Account Numbers
While someone cannot hack your account directly using only your bank's routing number, a carelessly disposed physical check can compromise your bank account because personal checks contain both your routing and account number.
This is very unlikely. With most major online banking portals in the United States, hackers cannot access your account just with an account number and routing number. Typically, they need to have additional details of your personal information to be able to perform the hack.
This is very unlikely. With most major online banking portals in the United States, hackers cannot access your account just with an account number and routing number. Typically, they need to have additional details of your personal information to be able to perform the hack.
Conclusion: Staying safe with banking details
Overall, there's very little someone can do with just your account number and sort code apart from making a deposit into your account in order to pay you. However, always be vigilant with whom you share your personal details. Remember never to share your PIN with anyone.
Fraudsters need just three pieces of personal information to steal your identity, most of which can be found on your Facebook profile. All it takes is your name, date of birth and address for fraudsters to steal your identity and access your bank accounts, take out loans or take out mobile phones in your name.
Crooks exploit the fact that banks must make funds from a check deposit available to the account holder within days but can take far longer to discover that the check is phony — sometime weeks, according to the Federal Trade Commission (FTC).
In addition to the person's name, sort code and account number, your bank might also ask you for: Their address. A reference phrase or number – this is often needed for bill payments. The name and address of the bank you're sending the money to.
"Giving your BSB and account number to a third-party to receive or send funds is generally safe, but you should only give out banking details to organisations or people who you know have a genuine need to know this information," says Peter Marshall, Mozo's product data manager.
An employment scammer will post a job opportunity and then ask for your ID to verify your identity as part of the hiring process. Once they have your personal information (such as your ID, Social security number, etc.), they can steal your identity and access your bank account.
Scammers can steal your identity by obtaining your personal financial information online, at the door or over the phone. What they want are account numbers, passwords, Social Security numbers, and other confidential information that they can use to loot your checking account or run up bills on your credit cards.
The most common way an identity thief can acquire information from a person is from stealing their purse or wallet and an identity thief may take a person's personal information from the internet.
Vishing means voice phishing is a popular way fraudsters steal personal information. Generally, cybercriminals contact businesses over the telephone and pretend to be legitimate organizations such as a financial institution or a payment service organization.
In most cases of employee direct deposit fraud, fictitious instructions are sent via email to a company's Human Resources Department, with the sender purporting to be a company employee. The email requests that future direct deposits (or a portion of future direct deposits) be sent to a new bank.