Scammers gain access to your personally identifiable information (PII) through phishing attacks, data breaches, or other scams. Then, they use that information to gain access to your bank account and steal your money.
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.
Direct Debit fraud occurs when a debit is taken from your account without the proper authority from you set out in a valid Direct Debit request. Sometimes this has happened when BSB and account numbers published online or in a public document have been used via Direct Debit to debit accounts.
But if scammers gain access to your bank account number, they can use it for fraudulent ACH transfers or payments. For example, scammers could use your bank account details to buy products online. Or worse, they could trick you into sending them money that you'll never be able to get back.
First let's clear up one myth - giving out your bank account number and BSB is fine. "There is no issue in giving out your BSB/account details as it's only possible to deposit funds rather than withdraw funds," an ING spokesperson told Money. "If an unauthorised debit occurs then the debiting institution is liable."
Once they have your personal information (such as your ID, Social security number, etc.), they can steal your identity and access your bank account. If you're on the job hunt, it's a good idea to set up fraud and credit monitoring to make sure no one is using your credentials for the wrong reasons.
Phishing
With phishing, hackers attempt to steal valuable information by impersonating a trusted source. Phishing schemes can come in several different forms, including phone calls, fake websites and sales emails.
Hackers can cause serious damage to your identity, reputation, and bank accounts with just your phone number. But with a few steps, you can secure your number against scammers.
Banks are liable
If a hacker steals money from a bank, the customer won't lose money since the bank is liable to refund money for fraudulent debit transactions. However, it's important to report fraud as soon as possible, as the bank's liability decreases over time.
Phishing is one of the most common ways that hackers gain access to other people's login data. Phishing emails often contain links that lead to fake websites designed to trick you into entering your password.
How fraudsters may open an account in your name. Scammers are able to obtain consumers' personal data on the black market or through data breaches. Such data may include names and addresses, Social Security numbers, existing credit cards or bank account numbers or medical insurance card ID numbers.
It's generally considered safe to give out your account number and sort code, but you should always use common sense and avoid sharing your bank details with people you don't know or expect payments from.
Consumer money fraud is on the rise. Chances are, be it through a credit card or plain old cash hacking, we've all come across phishing or fraud at least at some point. Scammers can get a hold of your bank account information and simply start plucking away at your balances.
Contact your bank immediately to let them know what's happened and ask if you can get a refund. Most banks should reimburse you if you've transferred money to someone because of a scam.
When a scammer has your bank account and routing numbers, they could set up bill payments for services you're not using or transfer money out of your bank account. It's tough to protect these details because your account number and routing number are printed right at the bottom of your checks. But do your best.
While passport information sells for the most amount of money, Social Security numbers are the most valuable to hackers, as these can be used for tax fraud, opening credit accounts, and other malicious activities.
Your name, address and date of birth provide enough information to create another 'you'. An identity thief can use a number of methods to find out your personal information and will then use it to open bank accounts, take out credit cards and apply for state benefits in your name.
Step 1 – Tell your Bank
The first and most important step is to tell your bank what has happened as soon as possible. You will need to explain to them, in a lot of detail, what the scam was and exactly what details you handed over – this way, they will be able to act accordingly.
You can visit your bank and fill out a form with your account information and amount you want to take out and present it to a teller. Work with a bank teller. Let the teller know you don't have a card, and they can walk you through the bank's process of retrieving money from your account.
What is the safest way to accept payment? Besides cash, a certified check is the safest way you can receive a payment to your business.
A bank transfer scam – also known as an authorised push payment (APP) scam – occurs when you transfer money from your bank account to a scammer's bank account under false pretences. Bank transfer scams occur when a scammer tricks a victim into transferring money.
Banks clearly suggest not sharing your bank account details unless you are expecting a fund transfer. Even in the case of fund transfer, make sure that the person crediting your bank account is trustworthy. Do Not Email Your Account Number: Mailing your bank account number to individuals can also be dangerous.
Your banking and personal details should be kept private and off social media. Even sharing them with friends could put them at risk. Fraudsters can send an email or text to try to steal your details. Scam messages come out of the blue and pretend to be from a person or company you now.