What to do if your bank account is hacked

Online banking allows you to make deposits, pay bills and transfer money anywhere 24/7. It’s so easy that often you don’t even have to think about what you’re doing. Hackers know that. They count on moments of vulnerability to break into your bank account. But that’s not their only tactic.

Hackers have several ways to break into your account. Credential compromise is when they get hold of your username and password. This is often done through data breaches at other websites where you’ve used the same login. Fake public Wi-Fi networks are set up to look like real hotspots. They trick you into connecting so hackers can steal your information. Phishing emails are messages that look like they’re from a trusted source, like your bank. But they’re actually designed to steal your personal information by getting you to click a link or share your details.

The threat is hard to avoid if you don’t know how to protect yourself. That’s why you need to know what to do if your bank account is hacked.

If you check your bank balance and it seems to be missing money, there’s a strong possibility that your account has been hacked. There are other possible explanations, for example: 

• A bank or merchant mistake

• A check you wrote years ago that just got cashed

• A purchase you forgot about

But if your balance suddenly and unexpectedly drops, that’s almost certainly the work of hackers. A “hack” is not the same thing as being scammed, where someone tricks you into giving them money. 

This is also different from a situation in which your debit card is compromised, such as if it’s lost or stolen. A debit card issue doesn’t always mean your entire bank account has been hacked. An account hack is more like a home break-in. Someone gains access to your bank account and steals your cash or account information.

It might not always be obvious that your bank account has been hacked. Though many hackers will drain your funds, others take smaller amounts here and there, hoping you won’t notice. After all, you can tell right away if your account balance drops to zero, but you might not realize if $100 is gone each month. That’s why you should closely monitor your transactions to make sure you made all of them.

The moment you suspect your bank account has been hacked, you need to take immediate action. Here’s what to do if your bank account is hacked:

Step 1: Call your bank and report the loss—the sooner, the better. Most national banks have dedicated pages on their websites with tips for handling fraud. These pages also include contact information for reporting suspicious activity. If your bank or credit union doesn’t have a fraud department, contact someone at your local branch.

Step 2: Check your other online accounts, especially if you use the same password for multiple accounts. It’s possible the hackers went after some of your other accounts too. If you notice any issues, report them right away.

Whether or not your bank account has been hacked, you can take steps right now to keep it secure. Start by making sure your bank offers strong security features. These tools can help protect your account from potential threats.

Then take these steps to make it even harder for hackers to break into your bank account:

• Change your username and password. Use a strong password, not one that you use for other accounts. In some cases, fraudsters can run automated bot attacks on websites and steal customer credentials. That’s why you should use a password that’s as unique as possible.

• Set up any monitoring features your bank offers. If possible, set up text and email alerts to keep tabs on transactions. Many banks let you set up customized alerts based on your spending patterns, such as a notification for any transaction over $250. In addition to these, it’s essential to remain aware of phishing and other email, text or voice scams.

• Set up fingerprint or facial ID. Many banks now offer biometric options for logging in to your online account or mobile app using your fingerprint or facial recognition. These features help prevent access to your account on lost or stolen devices.

Even with these protections in place, you should monitor your account regularly. Check your account at least a few times a week, if not daily. Paying close attention can help you catch problems quickly and take action to limit losses.

You can learn how to protect your bank account, but that’s just the first part of hack prevention. To ensure your money is safe, you’ll want to increase security across your devices.

Steve Weisman is a cybersecurity expert and editor of a website about scams, identity theft and cybercrime threats. “Scammers and hackers are everywhere looking for the easiest target,” he warns. “So, you need to do everything you can to make it harder for them.”

Weisman recommends taking the following steps, which will make it much harder for hackers to get into your accounts:

1. Access your accounts using only secure Wi-Fi. Make sure wireless networks are protected. And never use public Wi-Fi when you’re checking your bank account.

2. Consider using a VPN (virtual private network). This tool creates a secure, private connection between your device and the internet. That makes it much harder for hackers to see what you’re doing or where you are online.

3. Be cautious of phishing emails, phony phone calls (vishing) and scam texts (smishing) that ask for your personal information. If you receive a suspicious message or call, avoid sharing any details. Contact your bank directly to verify the request and report potential fraud.

Defend your bank accounts by taking active steps to stop hackers. And if they still manage to get access, you’ll know what steps to take to shut them down.

If your bank account is hacked, acting quickly can help protect your money and limit potential damage. Knowing the right steps to take can help you secure your account and report suspicious activity. It can also reduce the risk of future fraud.

What to do if your bank account is hacked:

• Contact your bank right away to report unauthorized transactions and secure your account. 

• Review your account activity, update your security settings and monitor for additional suspicious activity. 

• Take steps to protect your personal information and strengthen your account security moving forward.

You want all the convenience and benefits of online and mobile banking without putting your account at risk. Choosing the right bank can help protect your money and personal information.