Bank Account Hacking: How To Handle It?
Hacking a bank account is an unpleasant experience one can have in this day and age as accounts and most important documents are digitized. Certainly electronic transactions offer us comfort, however, we must not forget that we can very easily fall victim to electronic fraud.
Below you will find the most common ways bank accounts are hacked, as well as useful tips to effectively protect your property and your privacy online.
How do hackers empty bank accounts?
Technology has made our lives easy and comfortable. Now, you can shop, pay bills and transfer money simply and easily from your home. However, there are risks to your money and malicious internet users can pose a threat to your bank accounts. So let's see how they can hack you and what methods they follow.
Phishing
The phishing technique is often used by hackers to gain access to their victims' bank accounts. Hackers send SMS or e-mails to their victims, asking them to:
- account certification or
- change the password .
Victims are then likely to enter their details into a friendly app, thereby giving hackers access to their bank accounts.
Spyware
Spyware looks for its victims' login and credit card information. Hackers use spyware to read their victims' passwords, and they can also send fake e-mails. They usually ask users to open an attached file in the email to get information about their account.
On another computer
Hackers often hijack bank servers and gain access to their victims' accounts from another computer. They achieve this level of access with the help of Zero Day attacks and malware.
Essentially, with zero day attacks, the attacker tries to exploit specific security gaps in computer applications, which originate from mistakes made by the designers who created the applications.
Attack via social networks
Finally, hackers extend to social networks to gain access to users' bank accounts from there. They use the technique of social engineering to extract information from their victims, such as their passwords.
This term is used for a wide range of malicious activities that are completed through human interactions. Psychological manipulation is a way of tricking users into giving hackers access to sensitive information.
Basic online banking tips
If you notice any unusual movement, it's a good idea to do the following:
Inform your bank
The first thing you should do as soon as you realize your bank account has been hacked is to notify your bank immediately. Explain to them when the hack happened and what actions you have taken. This will speed up the process of restoring your account.
Change your passwords
After your bank account is hacked, change the passwords of your bank and other related accounts such as email or social media. Also, check that the passwords you use on these accounts are strong and hard to guess.
Turn on two-factor authentication
The activation of two authentication factors (Two-Factor Authentication, 2FA) is an additional protection for your account. Typically, you log into your account using a username and password.
With the implementation of two-factor authentication, you will need to enter a code that you receive via a message or an application from your mobile phone. It is an effective way to protect yourself from electronic fraud .
Check your account regularly
Malicious users can often change the settings in your Bank account, such as the email address for notifications. Check all settings such as:
- linked credit cards and
- third party accounts that may have been used.
This will help you make sure that no one else has access to your bank account .
Remember that the above can be avoided by taking measures in time. So, pay attention to what we mentioned, to avoid any unpleasant surprises in the future. There is, however, something more.
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If you suspect that your bank account has been hacked, it is important to take action immediately to minimize the damage. Here are some steps to follow:
- Contact your bank immediately. The sooner you report the fraud, the sooner your bank can take steps to protect your account and recover any stolen funds.
- Change your bank account password and PIN. This will help to prevent the hacker from accessing your account again.
- Monitor your bank account statements for any unauthorized activity. If you see any suspicious transactions, contact your bank immediately.
- File a police report. This will help to create a record of the crime and may assist your bank in recovering your stolen funds.
- Consider placing a fraud alert on your credit report. This will notify potential creditors that you may be a victim of fraud and make it more difficult for someone to open new accounts in your name.
Here are some additional tips for protecting your bank account from hacking:
- Use strong passwords and PINs. Avoid using easily guessable information, such as your birthdate or the names of family members.
- Enable two-factor authentication (2FA) on your bank account. This adds an extra layer of security by requiring you to enter a code from your phone in addition to your password when logging in.
- Be careful about what information you share online. Avoid clicking on links in emails or text messages from unknown senders.
- Keep your computer and mobile devices up to date with the latest security software.