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Online and mobile banking are now woven into many people’s daily lives. With just a few clicks or taps, you can check your balances, pay bills, and make other financial transactions from virtually anywhere, at any time. Nearly half of the respondents to SoFi’s April 2024 Banking Survey of 500 U.S. adults said they use online banking daily.
Banks are not only convenient, they also implement numerous security measures to help safeguard your accounts. With cyber thieves and hackers finding increasingly sophisticated ways to try to access your information, however, it’s also important to be aware of steps you can take on your own to help keep your financial and personal details safe. Here’s what you need to know.
Key Points
• Always download financial apps from trusted platforms, such as the App Store or Google Play, to help prevent fraudulent activity.
• Use strong, unique passwords for banking accounts to enhance security.
• Enable multifactor authentication to add an extra layer of security beyond just passwords.
• Set up account alerts to monitor for unusual activity and respond quickly to unauthorized transactions.
• Avoid using public wifi for banking transactions to protect against potential security breaches.
Tips on Securing Your Bank Account From Hackers
These days, cyber thieves are getting increasingly savvy, even setting up fake bank websites and banking apps designed to steal your personal information and, in turn, the contents of your checking or savings account. In SoFi’s Banking Survey, 42% of people said they were very or somewhat concerned about the security of their online bank accounts. More specifically, the survey found that:
• 42% were concerned
• 29% were neutral
• 29% weren’t very or at all concerned
No matter your level of worry, it’s important to know that there are a few simple things you can do to help secure your accounts from the different types of bank fraud. Here are six easy strategies that can help you stay ahead of scammers and hackers and protect your hard-earned cash.
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1. Choose Trustworthy Financial Apps
Whether you’re using your bank’s mobile app or some other financial app (like a budgeting app), be sure to only download verified ones from a trusted platform, such as the App Store for iPhone or iOS users or the Google Play Store for Android users. Fraudulent activity can often occur through fake apps or those downloaded from unofficial sources.
Before downloading a third-party money management app, it’s also a good idea to look up online reviews of the providers from reliable sources, research the app’s security policies, and look for any past data breaches.
2. Choose Strong and Unique Passwords
It’s wise to choose a unique password for every bank account and avoid repeating any ones you use for other online accounts, even nonfinancial ones. That way, if a fraudster is able to uncover your Facebook password, they won’t be able to access your checking or savings account.
To create a secure password, try to combine uppercase and lowercase letters, numbers, and special characters. You generally want to avoid using easily guessable information such as birthdates, kids’ names, or sequential numbers. To keep the login information for all of your accounts organized, consider using a physical or online password manager.
3. Use Multifactor Authentication
If possible, it’s a good idea to enable two- or multifactor authentication. This adds another layer of security by requiring one or more forms of verification in addition to a password, such as a PIN sent to your mobile device via email or SMS. This way, if hackers gain access to the login credentials for your savings account, for example, it may be difficult for them to log in without your second verification.
You may also want to take advantage of biometric authentication methods, such as fingerprint or facial recognition, if offered by your bank. Biometrics protect your account by using unique physical characteristics to verify your identity, making it harder for hackers to gain unauthorized access.
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4. Set Up Account Alerts
You can typically set up banking alerts via email, text, or your bank’s app to monitor unusual activity, such as large withdrawals, a profile/password update, a newly linked external account, or an unusual login attempt. This allows you to identify suspicious activity quickly and report any unusual or unauthorized transactions to your bank right away. You can then work with the bank to swiftly resolve the issue.
5. Watch Out for Phishing Attempts
Phishing scams are ever more prevalent and sophisticated. These scams trick you into providing your personal and banking information that can then be used for fraudulent activity.
For example, you could receive an email, supposedly from your bank, informing you that there’s a problem with your account and asking you to click on a link that requires you to log in and update your information. The website you are led to may look exactly like your bank’s website. If you input your details, hackers will have access to your login information. Here are a few ways to avoid online bank scams:
• If you receive a message that says it’s from your bank and asks you to click a link, don’t. Log in to your banking website or app and check your messages there to see what’s going on. You can also call your bank to ask if the message is legitimate.
• Hover over the email sender’s address. You may be surprised to see that it does not match the email address of the entity that it’s pretending to be. If that’s the case, don’t click on anything and mark the email as spam.
• Never download attachments from unknown sources, as they may contain malware designed to steal your login credentials.
6. Be Wary When Using Public Wifi
The public wifi at your favorite coffee shop or local library can help you stay connected when you’re out and about, but you can’t count on it to be entirely secure. While it’s generally fine to use public wifi for browsing the web, it’s best to avoid using it for any activities that require login information, such as signing in to your bank account. The open connection could potentially give cyber thieves a chance to grab your username and password as they move between you and your bank’s website.
To make public wifi more secure, consider putting a virtual private network (VPN) app on your device. A VPN encrypts your data as it passes to and from your device and acts as a protective pathway so that your data is not visible as it passes through a network.
The Takeaway
Online banking is generally safe and convenient, but it’s also important to take precautions to minimize the risk of getting hacked or scammed. Luckily, there are steps you can take to reduce the risk of your bank account being compromised. These include using strong passwords and multifactor authentication, only downloading apps from reputable platforms, never clicking on links in communications that claim to come from your bank, and never logging into your bank account using public wifi.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
Can hackers steal money from a bank account?
Hackers may be able to steal money from a bank account if they gain access to your account credentials. They might be able to do this by using deceptive emails and websites to trick you into revealing your bank details or exploiting vulnerabilities in a bank’s security systems to access sensitive data.
Fortunately, banks implement numerous security measures to safeguard your accounts, and you can help keep your accounts safe by using strong passwords, enabling multifactor identification, and being wise to phishing scams.
Who pays if your bank account is hacked?
If your bank account is hacked and unauthorized transactions occur, the bank will likely reimburse the stolen funds, provided you report the incident quickly.
As soon as you see something suspicious, call the number on the back of your bank card and go through the fraud department’s recovery process.
Am I protected if my bank account is hacked?
Yes, you are usually protected if your bank account is hacked, as long as you let the bank know about the fraudulent transaction in a timely manner.
Generally, if you report an unauthorized bank transaction within 48 hours, your liability will be limited to no more than $50. However, if you wait months to report an incident, you might have difficulty recovering any of your lost funds.
Can someone hack your bank account with a routing number and an account number?
Access to your bank routing number and account number could potentially enable a hacker to make fraudulent payments, create checks for your account, and possibly shop online with retailers that only require bank account information.
However, a routing number and account number is typically not sufficient on its own for hackers to gain direct access to your bank account. Most banks employ multiple layers of security measures, including authentication protocols and monitoring systems, to prevent unauthorized access to customer accounts.
Photo credit: iStock/insjoy
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