Why Hackers Target Bank Accounts
Financial data is the ultimate currency for fraudsters, which makes accessing bank and credit card accounts highly desirable. They want login information, card numbers, Social Security numbers, and any other personal or financial information that holds value and can be stolen. But most cybercriminals don’t keep the stolen data for themselves. Instead, they sell large batches of stolen data on the dark web to the highest bidder.
The fraudsters who buy the stolen information aim for efficiency to get a return on their investment, so they cast a wide, indiscriminate net that targets as many people as possible. They often send out mass phishing emails or use malicious software called malware that makes it easy to target users with no firewall and antivirus protection. In some cases, malware can be installed on your device without you ever knowing — unless you have antivirus software. Cybercriminals also like targeting devices with out-of-date security that’s easy to get around.
Essential Steps to Secure Your Bank Account
To keep hackers at bay, always use a reputable, up-to-date antivirus and firewall solution on your devices to protect your personal data and banking information.
You can also help keep your personal information and bank accounts safer by avoiding the use of public Wi-Fi. Open connections make it easier for cybercriminals to infiltrate your accounts. If you need to use the internet in public but don’t have a secure hotspot on your phone, use VPN software or an app that will connect your device to a different server. VPNs make it harder to trace your information and will go a long way in keeping your identity from being stolen.
Here are three other ways to secure your bank account from hackers:
- Use unique passwords instead of the same password for multiple accounts
- Get an added layer of defense with two-factor authentication
- Regularly monitor account activity
Learn more about each below.
Unique Passwords
Strong passwords are great, but if you use them across multiple accounts, they lose their effectiveness. Instead, use strong passwords that are also unique, so that every account has a different password. This way, if one account is compromised, all your other accounts may remain safe.
If having all-unique passwords seems like a heavy burden, leverage a password manager. This way, you can safely store your passwords without having to memorize them.
Two-Factor Authentication
What’s better than a single layer of defense? Two layers of defense. With two-factor authentication, one-time codes can be sent to an email or smartphone of your choice via text to help prevent unauthorized access to your accounts.
Two-factor authentication is sometimes called two-step verification and it’s not foolproof, but it’s one of the leading ways to help prevent unauthorized account access.
An alternative to two-factor authentication is using a passkey. Many financial institutions and e-commerce merchants are starting to leverage passkeys, an improved method of authentication that is more effective than one-time codes. Passkeys use biometrics, such as your fingerprint or facial scan, to log in to your account. If passkeys are available, it is highly encouraged to use them.
Monitoring Account Activity
Monitoring your accounts is an ongoing commitment to help protect your personal data. It can be time-consuming, especially if you do it manually, but there are reputable services that provide monitoring as part of identity theft prevention. Your banking institution may also offer a form of account monitoring. For example, DCU issues Visa® debit and credit cards to its members which come with fraud monitoring.
What To Do If You Suspect Your Account Has Been Hacked
Here are some signs to be on the lookout for, which may indicate your bank account has been hacked:
- You can’t sign into your bank account online with your most recent password.
- You’ve gotten emails, alerts, or text messages for password resets, multi-factor authentication, or for too many login attempts you have no memory of initiating.
- Friends and loved ones reach out saying they’ve gotten suspicious messages from you via email or social media.
- You spot charges you don’t recognize on your bank statement.
If you identify any of the warning signs above, react quickly to limit the potential damage you face. In the event of a hacked bank account, the first thing you should do is try to regain access to your account and update your password, security questions, and anything that could be compromised. After that, check on your other accounts — credit cards, student loans, social media, email, and more — to see if any other personal accounts may be compromised. To be safe, update all those passwords, too.
In addition to checking all your accounts, promptly contact your banking institution to report the suspected fraud. The fraud department will be able to help you through this difficult time and be able to issue you new bank or credit cards, as needed. In the event of fraud, impacted DCU members should call 800.328.8797 immediately. Your bank or credit union may request you file a police report, depending on the circumstances.
Even if things settle down and seem resolved, stay vigilant. The hackers may come after your accounts again weeks or even months into the future. Continue monitoring your accounts, follow the best practices outlined above to maximize account security, and regularly check your credit report.
Preventative Technologies and Services Offered by DCU
Whether you are at the ATM, inside one of our branches, or using the mobile app, member security is our top priority. DCU uses automatic fraud monitoring and offers a secure mobile banking app to make controlling your finances as easy and secure as possible. Our not-for-profit credit union also uses neural networks, which help monitor transaction activity to flag suspicious activity such as your DCU-issued credit card being used in London, Paris, and Hong Kong — all in the same day.
Check out our educational resources, including for privacy and fraud prevention, to help keep your accounts and money secure. With over 1.1 million members, DCU is growing fast. Interested in becoming a member, click here for more information.
Federally insured by NCUA.
This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.
