How To Protect Your Bank Account

Online banking, while convenient, comes with cybersecurity risks. Bank accounts are susceptible to account takeover attacks, which happen when a hacker gains access to the account and changes the credentials. This prevents the account owner from accessing their bank account and allows the hacker to make unauthorized purchases or access other, linked accounts. According to the American Bank, account takeover fraud is expected to cause losses of more than $343 billion worldwide between 2023 and 2027. To protect your bank account from being hacked, you should create strong and unique passwords, set up strong security questions and answers, enable MFA, know how to identify phishing attacks, routinely monitor login activity and only access your account from trusted locations. 

Continue reading to learn more about protecting your account and the steps to take if your bank account is ever compromised. 

6 ways to protect your bank account from being hacked

Here are the six ways your bank account can stay protected from hackers. 

1. Only use strong and unique passwords

A strong and unique password should be a random combination of at least 16 characters that include numbers, letters and symbols. By implementing strong and unique passwords, cybercriminals will have a difficult time attempting to guess your password and hacking in to your account. This strengthens the security of your bank account. To further enhance the security of your passwords, consider investing in a password manager. Password managers help you generate strong passwords and store them safely in an encrypted vault. 

2. Set hard-to-guess security questions and answers

Think of security questions and answers as an additional barrier against hackers. Many online platforms will ask you to choose security questions for authentication purposes and in case of account recovery. Hence, it’s important to treat them with the same level of security as your passwords. Here are some tips on creating hard-to-guess security questions and answers.

• Do not use publicly available information
• Come up with specific and unique answers
• Avoid yes or no questions and answers
• Avoid common questions and details

3. Enable multi-factor authentication

Multi-Factor Authentication (MFA) is a security measure that requires users to provide one or more authentication factors before being granted access to their account. When MFA is enabled, it adds an extra layer of security, making it more challenging for cybercriminals to gain unauthorized access. There are several types of authentication factors you can choose from such as a One-Time Password (OTP) code, security questions and passkeys, if supported by your bank. 

4. Know how to spot phishing attempts

Phishing is one of the most common ways for cybercriminals to obtain a victim’s sensitive information such as login credentials or credit card numbers. Typically, cybercriminals will send a text message or email containing a malicious link or attachment that seems to be coming from someone you know, like your banking institution. When you open this link or attachment, it downloads malware onto your device or redirects you to a spoofed website that asks you for your information. Some of the signs that an email or text message could be a phishing attempt include the following:

• Grammatical and spelling errors
• Suspicious links or attachments
• Urgent language
• Asking you to reveal sensitive information

5. Regularly check your bank login activity

Regularly monitor and review your bank account’s login activity to check for any signs of fraudulent activity. Here are some signs of suspicious activity: 

• Unusual charges
• Large withdrawal or transfer of funds
• Changes to direct deposits or bank payments
• Missing bank statements
• Change in bank account information 

If you spot any suspicious behavior, take immediate action to mitigate the situation before it causes further harm. 

6. Access your account from a safe location

Be mindful of where you are when you are logging in to your bank account. Avoid using public WiFi when accessing your bank account because a cybercriminal could intercept internet traffic and obtain your credentials. If you have no choice but to use public WiFi, use a Virtual Private Network (VPN). VPNs encrypt your internet traffic and mask your IP address so your online activity is not tracked, helping you protect your private information.

What to do if your bank account is hacked

If you believe your bank account has been hacked, follow these steps. 

1. Change your password and security questions: You should immediately change your password, as well as your security questions and answers, to something completely different. This will ensure that the hacker can no longer access your bank account.

2. Contact your bank: Notify your bank sooner rather than later about any fraudulent transactions. In addition, ask them to close or freeze your account to prevent losing your money.

3. File a report with the Federal Trade Commission (FTC): File a report with the FTC by going to www.reportfraud.ftc.gov. While the FTC can’t pursue criminal charges, they can help you compile information that can help find the perpetrator.

4. Check your credit report: To ensure that no loans or credit lines were opened under your name, review your credit report thoroughly. As an extra security precaution, you can place a fraud alert on your credit report by contacting one of the three major credit bureaus: Experian, TransUnion or Equifax. A fraud alert requires that creditors verify your identity to ensure that only you can take out loans or open new credit accounts under your name.

Use Keeper® to protect your bank account 

A password manager like Keeper helps protect all of your online accounts by generating strong passwords and securely storing them in an encrypted vault, along with other sensitive data such as credit card details and important files. Keeper also autofills your usernames and passwords on websites so you don’t have to manually type them out. Not only is this convenient, but it also keeps you safe from entering your credentials onto spoofed websites since it’ll only autofill your credentials on the website you have saved in your password vault.

To learn more about Keeper Password Manager and how it enhances your digital security, start a 30-day free trial today.