Online banking has made it easier than ever to pay bills, make deposits, and transfer money anytime, and anywhere. However, it also leaves your bank account potentially vulnerable to scammers, fraudsters, and hackers who want to steal your funds and access your financial information.
If you believe that your bank account has been hacked, it’s important to act fast to minimise potential damage. Securing your account should be your priority, followed by recovering stolen funds and protecting your devices from future attacks.
In this guide, we’ll discuss how to identify if your bank account has been hacked, steps to take if it happens, and tips on enhancing your security so you can continue to bank with confidence.
Signs That Your Bank Account Has Been Hacked
Understanding the warning signs of a compromised bank account is key to protecting your hard-earned money. The sooner you spot suspicious activity and take action, the better.
Here are a few ways to tell that someone has gained unauthorised access to your account:
- Strange purchases, transfers, or withdrawals: If you see unfamiliar transactions in your bank statement, like purchases made in another location or small, unusual withdrawals, there’s a strong possibility that your bank account has been hacked.
- Account balance drops to zero: In extreme cases, hackers will completely deplete your funds, leaving you with £0 or a negative account balance. Although bank errors happen, an emptied or overdrawn bank account is usually a sign you’ve been hacked.
- No access to your online bank account: Getting locked out of your online bank account is another red flag to watch out for. This can be due to multiple failed login attempts or hackers who’ve accessed your account and changed the password.
- Suddenly declined card: If your card isn’t working when you swipe it at the counter, it might have been cancelled by your bank due to suspicious activity. Hackers can also break into your account, deactivate your old card, and request a new one.
- Closed or frozen account: Your bank may close or freeze your account without prior notice in case of suspected identity theft. It may also automatically cancel any fraudulent or unusual charges to your account as a safety measure.
- Missing messages: If you’re no longer receiving your monthly statements, important emails, and updates from your bank, hackers could’ve changed the contact information on your account, including your phone number and mailing address.
- Notification from your bank: You may receive a message alert or phone call informing you of password resets, failed logins, address changes, and other suspicious transactions. This is a major sign that your account may be compromised.
What to Do If Your Bank Account Is Hacked?
If you believe that your bank account has been hacked, act quickly and follow these steps to safeguard your account and minimise the potential loss of your funds:
1. Contact Your Bank Immediately
As soon as you see suspicious activity in your account, call your bank to report your concerns. Use their official phone number, which you can find on the back of your card, on your bank statements, or your bank’s website. Most banks have a dedicated hotline for fraud reports.
Depending on your bank, you may be redirected to the fraud department. With a bank representative, review your recent activity and identify all unfamiliar transactions in your account, including their date, amount, and merchant name.
2. Freeze or Close Your Account
If someone has gained unauthorised access to your account, the safest thing to do after reporting the event would be to ask your bank to close it and request a new account. This way, the hacker will lose access to your funds and sensitive financial data.
Another option would be to freeze your account online or through a bank representative to prevent any transactions from being made using your compromised account.
You can also freeze your credit reports to prevent scammers from accessing your credit file and opening fraudulent accounts in your name. To do so, contact the UK credit rating agencies, Experian, Equifax, and TransUnion, and ask for a credit freeze, which comes at no cost.
3. Change Your PINs and Passwords
Immediately change your account’s login credentials, using new, strong, unique PINs and passwords. You can use a trusted password manager to generate complex passwords for you.
If you previously used the same password for multiple accounts, check if your other accounts have been compromised and change to completely different passwords on all accounts.
For an extra layer of security, enable two-factor authentication and biometrics on your account, and consider updating your security questions as well.
4. Scan Your Devices for Viruses and Malware
If your bank account has been hacked, the devices you used to access it may also be at risk. To keep them secure and prevent hackers from accessing your other apps and accounts, run an antivirus scan to detect and remove infected files, viruses, and malware from your devices.
Use reputable and effective antivirus software, and always keep it up to date. Run a second scan afterward for a complete and thorough cleanup. Don’t forget to disconnect compromised devices from your home’s Wi-Fi network to prevent them from passing viruses to other devices.
5. Report To The Police
Report major issues to the police, especially for identity theft or significant financial losses due to fraud. Reports and case information from multiple individuals can increase the chances of a hacker being caught, fined, and/or arrested.
Obtain a copy of the report as this can be an important supporting document for fraud investigations undertaken by your bank or financial institution. Reporting the event to the police can also help them warn other consumers about waves of fraudulent activity in your area.
How to Protect Your Bank Account From Hackers
Whether or not your bank account has been hacked, there are steps you can take to protect your banking and financial accounts from cybercriminals, including:
1. Access Your Account Safely
When logging into your online bank account, always use a safe, virus and malware-free device and a secure Wi-Fi connection. Avoid public networks for banking and sensitive transactions, as they can compromise your data and put you and your finances at risk.
For extra security, consider using a virtual private network (VPN) to hide your identity, location, and activity online. Download apps from legitimate sources like Google Play and the App Store, and check if you’re visiting your bank’s official app or website and not an imposter site.
2. Use Strong, Long, and Unique Passwords
Each of your online bank accounts should have a complex, hard-to-guess password with a mix of uppercase and lowercase letters, numbers, and special characters. Avoid using the same password for multiple accounts, as one data breach can compromise all of them at once.
Additional tips for stronger and safer passwords include:
- Opt for longer passwords that make it harder for cybercriminals to hack your account
- Don’t use personal information, common words, or typical phrases in your passwords
- Update your passwords regularly, ideally every three months
- Store your passwords securely using a password manager
- Keep passwords safe by not sharing them with anyone, including friends and family
3. Monitor Your Bank Activity
Make it a habit to review your bank statements every month and double-check your online banking transactions at least once a week. Be vigilant against suspicious or fraudulent transactions, and report them right away to your bank to minimise potential damage.
Turn on real-time text alerts and notifications so you can identify unusual activity quickly and resolve the issue with your bank. Keep an eye on your credit history and consider switching to electronic statements to reduce the risk of someone stealing your financial data.
4. Beware of Scams and Suspicious Messages
Don’t reply to a text, respond to an email, pick up a call, or click on an unfamiliar link from your bank if you’re unsure whether it’s legitimate. Contact your bank or financial institution directly, with the phone number on your card or bank statement to verify the message.
Remember that your bank will not ask you for sensitive information, such as your account number, PIN, or password via text or web. Be wary of common hacking scams, such as:
- Phishing emails and links
- Fraudulent texts and phone calls
- Malware attacks
- Malicious card readers
- Mail theft
- Leaks and data breaches
Make a Data Breach Compensation Claim Today
If your bank account was hacked because someone else shared your personal information in a breach of the Data Protection Act 2018, and this has caused you financial losses, emotional distress, or both, you may be eligible to claim data breach compensation.
Our expert solicitors can provide professional guidance in making your data breach claim, on a no-win, no-fee basis or a Conditional Fee Agreement (CFA). There are no upfront fees or payments for the solicitor’s services if the claim is not successful.A small and legally capped success fee will be deducted from the compensation if the claim has a positive result. Find out more about how we handle data breach claims and start your claim today!
