5 Ways Your Bank Account Can Get Hacked

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5 Ways Your Bank Account Can Get Hacked

Do you think your bank account is 100% safe from being hacked? Unfortunately that is not possible. There are different ways to hack a bank account that you should certainly be aware of.

Mobile banking app hacking

Mobile banking app hacking

Mobile banking apps are revolutionizing banking services. Instead of waiting on the phone for customer service, you can access your account using a single interface.

Unfortunately this is one of the main ways bank accounts get hacked.

One method your account can be hacked is a fake app, which is designed exactly like the official app.

After downloading the fake app and entering your login information, hackers collect your info and hijack your bank account.

Another way to steal your info is infecting any app on your phone with a Trojan virus. The infected app targets mobile banking apps on your phone.

 When you open the banking app, you get a fake login panel. After login, your information is sent to hackers.

How to protect your bank account

To protect your account, make sure you download the official banking application. Use the QR code or link from the bank website to get to the app directly. Also check the number of downloads of the app.

When you download apps on your phone, only download trusted apps from trusted sources. Don't give permissions to applications you don't trust, especially the ones with small download count on Google Play.

Advanced phishing scams

Advanced phishing scams bank account

Phishing is an old trick to hack people’s bank accounts and steal information. While everyone is learning from past incidents, hackers also learn new ways to steal money.

The advanced phishing scams are very hard to detect as they use legitimate emails to trick you to click the false link and enter your information.

In these cases, not just the email address is legitimate and trusted by the victim, but the hacker can address the victim using their first name for more credibility. This has caused big losses for people falling for it.

How to protect your bank account

You should be cautious with every banking related activity online. When visiting a link, even from a trusted source, make sure the URL is legitimate and is on the main domain of your bank website.

If you feel suspicious about something or about an email that is not usually sent to you, call or visit the bank to keep your bank account safe.

Keylogger hacking method

Keylogger hacking method

Keylogger is a hacking method where a malware that records what you type on the keyboard is installed on your computer. Once you enter your bank account information, the hacker can access your bank account.

How to protect your bank account

To protect yourself from such keyloggers, use antivirus software to detect malware on your computer. A good antivirus will check for keyloggers and remove them before they can do any harm.

Consider using two factor authentication for your mobile banking as an extra layer of protection. Even if a hacker gets your login details, they still need the authentication code to get to your bank account.

SIM swapping

SIM swapping to hack bank account

Since SMS authentication is very difficult to bypass, hackers have found a way to steal your bank account without having to get into your phone. They do it using SIM swap.

Hackers contact your phone service provider pretending to be you and claiming to have lost your phone and need a new SIM card.

Succeeding in getting a new SIM with your number, they can breach your every account, including bank account.

SIM swapping is a nightmare because the SMS that is sent can be for resetting the password. This means not having two factor authentication in this case is better than having it.

How to protect your bank account

To protect yourself, choose a service provider that offers high security standards against SIM swapping. Only set two factor authentication if you trust your service provider.

If your SIM card suddenly stops, head to the nearest branch of your service provider and take the precautions, asking them to disable any newly released card.

Data sniffing

Data sniffing and online banking

One way hackers can access your bank account is stealing your information while you contact your legitimate bank agent or website. That could happen if your internet connection is not secure.

Another method is called DNS Cache poisoning. It is when you visit a genuine website, hackers direct you to another identical looking website, allowing them to steal your information similarly to phishing.

How to protect your bank account

To protect yourself, always check that the website you are using has HTTPS mark in the URL bar, and always check you are on the right domain. Never sign into your mobile banking account when using a public network.

Read more: Banking Security: The Threats of Modern Banking

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