Scammers love your bank accounts. Here’s how to keep them safe

Most of us keep our money in bank accounts. And thanks to him FDIC Insuranceit’s a safe place to do that. But your account banking is also a major target for cybercriminals, fraudsters and scammers.

For the bad guys, business is booming. Global financial fraud topped $5 trillion in 2019. And last year, bank fraud led to nearly $500 billion in stolen funds, according to the NASDAQ 2024 Global Financial Crime Report.

Bank accounts are likely to become an even greater target for cybercrime as consumers demand new and easier ways to access their funds. I’ve been in the banking security business since the 1980s and know some of the most tried and trusted methods of protecting your hard-earned cash.

Read more: This text from your bank is it legit How to spot and avoid SMS phishing scams

What are the most common bank account takeover scams?

Scammers have a long list of ways to get you to learn your sensitive bank account information or crack the code themselves. The following are some of the most popular:

• Phishing attacks: Attackers use email, text messages and even phone calls to try to trick you into revealing your username or password.
• Filling credentials: Criminals use automated tools to test millions of stolen username and password combinations against thousands of accounts in the hope that you’ve reused a password.
• Password Spray: A close cousin of credential stuffing, but instead of using known or stolen username and password combinations, criminals will instead test the most commonly used passwords.
• Social Engineering: Criminals trick you into thinking they’re someone else, maybe from your bank. Phishing is often the first step in this type of attack.
• Check for fraud: There are a lot of different ones types of check fraudranging from stealing and altering checks to creating entirely new checks using actual account information accessed through the data breach.
• Authorized push payments: They are also often referred to, sometimes incorrectly, as Zelle fraud. This is where thieves will try to trick you into making a payment through a payment app like Zelle or Venmoor to authorize a payment and provide access to your account. banking.
• Wire Fraud: Criminals can do this either by accessing the account and initiating the bank transfer, or through scams such as technical support and overpayment scams. Criminals love wire transfers because, once initiated, they are almost impossible to stop or reverse.
• ATM fraud: Yes, they are still alive. ATMs compromised by skimming devices can steal your card and PIN number and can be used to access and drain your accounts.

How to protect your bank account from fraudsters

Like everything else in security, it can be as simple as the ABCs: awareness, behavior and choices.

Awareness it’s not just about recognizing all the different types of scams out there. It’s also aware of new and emerging threats, so you can stay one step ahead of criminals.

Behavior it’s how you react to those threats when they arise. Things like slowing down, recognizing the indicator signs of a phishing emailthinking before you click and be smart with your passwords they all go far.

elections hint at those additional layers of protection and security options that are available to you and should be used. These include many of the following:

Two-factor or multi-factor authentication

your bank or credit union will send a unique code to your phone when you try to access your account from a device it doesn’t recognize. This might feel a little awkward and add a few extra seconds to the login process, but it’s worth it.

Security keys

If you want to take it a step further, consider using a security key. This is a small electronic device that you can keep on a key ring or at your desk and is linked to each of your accounts.

So that criminals can access any of your accounts. protected, they would need not only your password, but also access to that key.

If you lose your key, many apps will offer other multifactor authentication options to confirm your identity. But the best thing to do is to have a backup security key stashed away in a safe place.

Get better at password hygiene

You should make each password as long and complex as possible, and ideally as close to 20 random characters as possible. You should also avoid reusing the same password on multiple accounts. Attacks like credential stuffing will get you. If you find it cumbersome, sign up for a password manager (CNET recommends Bitwarden).

Most importantly, don’t share your important passwords with anyone unless you absolutely have to, and never in response to a communication you don’t expect. If you ever receive a text, email, or other alert that claims to be from your bank, don’t respond directly. Instead, call your bank using the customer service number available on their website to verify that the alert is genuine.

A hacker gained access to my bank account. now what?

Speed ​​is of the essence here. Chances are as part of taking over your account criminals will change the phone number and email address you use for verification, so relying on those to prove your identity may not be enough.

Contact your bank or credit union’s fraud department immediately and ask them to stop all payments, withdrawals and transfers.

It might be an inconvenience, and it might also mean you might not be able to pay your bills on time, but it’s a better option than watching criminals empty your bank account. The faster you respond, the more likely you are to be reimbursed for any money stolen from your accounts in the past.

Once everything has been frozen, check the extent of the damage done. Change the email address and password you use to sign in, as well as any multi-factor authentication settings and security questions on your account.

It is also smart to check your reports of credit to ensure that the attack is not part of a wider attack on your identity.

Read more: How to check for bank accounts you haven’t signed up for

Be a vigilant man when scammers come

Fraud is everywhere and is only being accelerated by the adoption of AI by cybercriminals. The best defense remains HI, or human intelligence. Your bank accounts are already very secure, but given how creative and relentless hackers can be, your awareness, behavior and choices are still your best bet to keep the bad guys out.

I’ve met many criminals and crooks over the years, and they’ve all said the same thing: what they fear most, what they struggle to get around the most, is the vigilante. The most powerful security technology of all is nestled right between the ears. Use it.

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For an additional way to keep your money and data safe, consider signing up for identity theft protection. These services can monitor your credit reports, bank accounts and personal information on the dark web.