Cybercriminals are usually financially motivated, and gaining access to your online bank account is one of the most valuable assets for them. If you’ve noticed any suspicious transactions or activity in your online bank account, you need to act fast to limit the damage.
Hacked online bank account – Do this first!
- Contact your bank immediately – As soon as you notice the suspicious activity, give your bank a call. The number will appear on your bank statements, cards or on your bank’s website. If you’ve been robbed, your bank will protect you and make sure that no more money is stolen from your account. Even if you haven’t been robbed of any money, your bank will change your security information and cancel your cards.
- Change your login details – If you’re still able to access your account, then proceed as normal to reset your account password and other necessary security credentials. This will prevent the perpetrator from accessing your account.
- Contact the police – Report the crime to Cyber Crime Division (National Cyber Crime Portal – India, U.S. Department of Justice, ActionFraud – UK). They will record the crime and provide you with a Crime Reference Number (CRN).
Am I going to get my money back?
Your bank should provide you with a full refund for any money that has been stolen from you through fraud or identity theft. This should be done immediately, no later than the next business day after you file a report.
If your bank believes that you may have committed fraud or negligence, they may suspend your refund while they conduct an investigation. This should take no more than a couple of days.
If you have been conned into transferring your funds into another account by a criminal, then you are unlikely to receive a full refund from your bank. If your money has not been returned to you, the only way you can get it back is by taking the person who stole it to the court.
How to handle an online bank account hack
Once you’ve talked to your bank, notified the police and updated your login information, take a look at these next steps:
1. Check your Accounts
Take a good look at your account and see if there have been any changes. Take a closer look at your statements, personal information, mobile number, Email ID and see if there are any new payee accounts created and review the direct debits you have made.
2. Review your Security Settings
Most online bank accounts offer a list of the most recent activity on your account, along with a list of your recent logins, as well as any connected devices. Take a look at these and review them to make sure there are no suspicious changes since you have regained control of your account.
3. Scan your Devices!
There are a variety of ways a hacker could have gained access to your login details, such as from a previous breach (check out known breaches here for more information), seeing you type in your information, tricking you into sharing your information online, or even telling them what you have done in the past to gain access to your account. On the other hand, they may have malicious software installed on one of the devices that allows them to access what you type into websites. Make sure to scan all your devices to remove any malware.
4. Monitor
Keep an eye on your account and check your personal credit report, as the criminal may have used your identity to access other financial products.
How can I prevent my bank account from being hacked in the future?
There are several ways to protect yourself from bank fraud:
Keep your credit cards and financial information secure.
Destroy old cards by cutting through magnetic strips and chips, right after you get the new ones. Keep your financial documents secure and dispose of them with a shredder when you no longer need them.
Secure your PIN
Remember your PIN. Dispose of the letter that was sent to you with your PIN. Ensure that only you know your PIN. Ensure that no one can see you entering your PIN at an ATM machine. Set your PIN to something random. Avoid information such as your date of birth / anniversary.
Only visit your online bank account by typing in the address into your web browser – never follow a link in a text or email.
Get good at Passwords
Use strong passwords, use different passwords on each site, never share them and change them regularly. Use a password manager app (Get 6months Dashlane Premium for free) to help you do this.
Commit to 2FA
With two-factor authentication, you can drastically increase your security in just one simple step. Use it on any website that provides it.
Review account security settings
All social media platforms provide some level of security. Log in notifications, secure browsing, and 2-factor authentication are just a few examples. Check these settings and make sure all security options are enabled.
Be careful Clicking or Downloading
One of the most common ways passwords are stolen is by tricking you into sharing your passwords by sending you phishing emails or text messages. Equally common is downloading attachments in emails that contain malware. When you click on an online link or open/download an online attachment, be very cautious.
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