Here’s what happens when hackers gain access to your banking information

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Whichever way you slice it, losing control of your personal information is worrisome. And unfortunately, advances in technology have made it easier for thieves and scammers to get hold of your financial information. Let’s take a look at the risks you take if your banking information is leaked or stolen.

What’s at risk?

It probably won’t surprise you that if the hackers get, say, yours Bank account information, the money you have in the bank can be stolen. While just having an account number probably isn’t enough for thieves to drain that account, the combination of account number and routing number can lead to less-than-desirable results, such as fraudulent payments, creating checks for your account, and possibly shop online with retailers that only ask for bank account information. Your bank account could even be used to launder money earned through criminal operations. Even your own identity could be at risk if you lose track of your banking information.

Identity theft is when someone uses your personal or financial information to do things like you, like opening new ones credit card accounts, demanding tax refunds, and even pretending to be you if they get arrested. Your bank has a lot of information about you, and if scammers gain access to your account details, you could be faced with a number of unfortunate developments like these. And these crimes are on the rise; in 2021, the Federal Trade Commission received more than 1.43 million reports of identity theft, up 3.3% from 2020.

How can you protect yourself?

Many vigilant people have had their banking information or other identity data compromised through no fault of their own. But it’s a good idea to take the following steps to give yourself a fighting chance to keep your money and data safe.

Choose safer payment methods

Checks and debit cards are solid payment methods, but they make you more vulnerable to fraudsters than using a credit card. The checks you send to pay bills can be taken from your mailbox and washed, then repeated. AND debit card they offer less robust protections than credit cards. For these reasons, it’s much safer to opt for online bill payments through your utility company, mortgage lender, and other creditors. And if you shop online or in person, credit cards are the safest bet.

Enable alerts through banking apps

You are using yours bank mobile app, Right? Not only does it provide convenience and access to your account information anytime, anywhere, but it likely also gives you the ability to turn on alerts. If fraudulent activity is detected in your account, you will be notified and can verify transactions or alert the bank if you are not spending your money. Just make sure you keep it banking application updated and enable multi-factor authentication for your security.

Do not click on links in emails or messages

If you receive something that looks like a legitimate notice from your bank by text or email, don’t click on the link that may be included. Contact your bank independently and see if there is anything you need to worry about. Links in text messages or emails can be phishing scams that can steal your login information.

Go paperless

Bank statements are a treasure trove for scammers, so don’t give them a chance to steal statements from your inbox. Opt for paperless statements instead, and you’ll receive an email from your bank every month letting you know that your statement can be viewed. It’s that simple.

Check your accounts regularly

Speaking of simplicity, one of the easiest ways to keep tabs on your bank account and its potential for fraud is by paying attention to logging in and checking recent transactions. See something that seems unfamiliar? Maybe a charge from a merchant outside your city, and for a purchase you didn’t make? Contact your bank asap. It’s a good idea to keep tabs on your cash flow and bank balance situation while still checking your account regularly.

Hackers, scammers and thieves are out there, ready to capitalize when consumers lose track of their banking information. Follow the above steps to avoid becoming a victim of money loss and identity theft.