Completing banking transactions through your computer, table, or smartphone in public can put your bank account information at risk. Banks do their best to encrypt the data that is transmitted, but hackers may still be able to retrieve your login information to use at a later date.
This can happen when your device is infected with malware that allows a cybercriminal to spy on your online financial transactions. Another hacking method is phishing, whereby a phony text message, bogus website, or fake email is used to fool you into ultimately revealing your credit card number.
Banks are generally responsible for any charges due to cybersecurity breaches, but you should still always be prepared. There are a number of things you can do to reduce the chances of your bank account being hacked, and choosing the right bank is one of them.
If money has been taken they will protect your account and make sure no more money can be taken. Even if no money has been taken your bank will take action by changing your security details and cancelling your cards.
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.
Tricking Users With Fake Banking Apps
The simpler means of attack is by spoofing an existing banking app. A malware author creates a perfect replica of a bank's app and uploads it to third-party websites. Once you've downloaded the app, you enter your username and password into it, which is then sent to the hacker.
Bottom Line. No one wants to go through the ordeal of having their bank account hacked. But, thanks to federal protections, the good news is that you may be able to recover most, if not all, of any stolen funds as long as you act fast. Keep in mind that some banks offer more security options than others.
A common method fraudsters use to steal bank details is through attaching 'skimming' devices onto ATM machines. The device works by reading and lifting information from the magnetic strip on the back of the card when it is inserted into the machine.
According to the FDIC, “Unauthorized access to your funds may be covered by the Electronic Funds Transfer Act and other consumer protections.
It's also possible hackers could use your email account to gain access to your bank account or credit card information, draining funds from an account, or racking up charges. They might even use your email and password to sign up for online sites and services, sticking you with monthly fees in the process.
Fraudsters can get ahold of your card details in a few different ways—one of them being through an ATM card skimming device. Nefarious parties can also gain access to old bank statements or debit cards, or direct you to make a payment on a fraudulent website that collects your details.
With just that information, they won't be able to open a new account in your name anywhere, or charge anything to your card. But they can use it to "prove" that they're you to some other organization which then may give them more details, which they can then use to do something more malicious.
Skimming. The Internet is not the only way a criminal can steal your credit card number. Skimmers are electronic devices, usually placed on ATMs or the card readers on gas pumps. When you place your card into the reader, it passes through the skimmer, allowing the device to capture your account information.
Downloading or opening the wrong file from an email or website can add spyware to your computer, which is put there with the goal of exporting your card details and other information hackers can use to steal your money or your identity.
Close your account. If you have a joint owner on a bank account and you don't want him to access the account any longer, you can close the account. You can open a new bank account along with a new account number. You can re-deposit the money from the old account into the new account.
That scary admission comes in response to the latest banks security hack on Chase and other big banks. The raiders are said to have used sophisticated and unique malware to get deep enough into the banks' computer systems to delete and manipulate records.
This can be really serious, hackers can use your identity details to open bank accounts, get credit cards, order products in your name, take over existing accounts and take out mobile phone contracts. Hackers could even get genuine documents such as passports and driving licenses in your name once they have stolen your ...
Banks routinely monitor accounts for suspicious activity like money laundering, where large sums of money generated from criminal activity are deposited into bank accounts and moved around to make them seem as though they are from a legitimate source.
Tips. Credit card companies can track where your stolen credit card was last used, in most cases, only once the card is used by the person who took it. The credit card authorization process helps bank's track this. However, by the time law enforcement arrives, the person may be long gone.
Do Banks Press Charges for Fraud? Yes. Fraud charges of sufficient scale can result in state or federal charges and time in jail.
You Notice Small Charges on Your Account
If the card works, the thief will move into incrementally larger charges as quickly as possible." The most effective way to catch fraud in real time is to sign up for alerts and notifications of all your charges via text and email," Siciliano advises.
Yes, changing your password will prevent hackers from accessing your account. Updating your account password at the first sign of an attack limits damage. Changing your password regularly also improves security. Stolen credentials in data breaches are often old.
If you have been hacked several times and your email provider isn't mitigating the amount of spam you are receiving, then consider starting afresh but don't delete your email address! Many experts do warn against deleting email accounts as most email providers will recycle your old email address.