What To Do if Your Bank Account Is Hacked

If your bank account has been hacked, you should contact your bank immediately, change your bank account’s password and place a freeze on your credit report. Because your savings are on the line, you must act quickly when you learn your bank account has been hacked.

Read more to learn the common signs of a hacked bank account and what you should do if someone hacks into your bank account.

Signs of a hacked bank account

You can tell if your bank account has been hacked if you recognize the following signs:

By the time you notice that your account has been hacked, a hacker has most likely locked you out of your account, emptied your bank account or made numerous purchases using your card. Your bank might recognize that this activity is suspicious, cancel fraudulent pending charges and issue you a new credit or debit card.

Immediate steps to take if your bank account is hacked

Despite the panic or fear you may feel if your bank account has been hacked, there are some steps that you can take immediately to protect your funds and privacy.

1. Contact your bank

As soon as you realize your bank account has been hacked, contact your bank immediately by calling the phone number on the back of your credit or debit card. The sooner you contact your bank, the better the chances that they can reduce your financial losses. Most banks have contact information for specific departments to report fraud, but if you contact anyone at your bank’s local branch, they can direct you to the correct people to speak to. Your bank should also offer you the option to freeze your account; more on that later.

2. Change your bank account’s password

Assuming you still have access to your bank account, you should change your bank account’s password right away to protect your information. If you were using the same password for your bank account that you use for other online accounts as well, you should update the passwords on all the other accounts. Not only can you change all your passwords quickly using Keeper Password Manager, but you can also create strong and unique passwords for all your accounts using its built-in password generator. The password you create for your bank account should contain at least 16 characters and a combination of uppercase and lowercase letters, numbers and symbols, and not be used for any other account. 

3. Enable Multi-Factor Authentication (MFA) on your bank account

Make sure to set up Multi-Factor Authentication (MFA) on your bank account as soon as you can. MFA is an additional layer of security for any account you enable it on, requiring anyone trying to access your account to provide extra proof of identity beyond your username and password. Types of MFA include a PIN, a fingerprint scan, a code from an authenticator app or even your geographic location. Enabling MFA on your bank account ensures that no one can access your information even if your username and password are compromised. For example, you should require your facial ID or fingerprint every time you log in to your bank account so that no one except you can access your account.

4. Place a freeze on your credit report

To protect your money and your identity, you need to place a freeze on your credit report by contacting each of the three major credit bureaus (Experian, TransUnion and Equifax). A credit freeze stops creditors from accessing your credit report, which also prevents them from approving you for new loans or credit lines. This keeps you safe from becoming a victim of identity theft or fraud if someone else gains access to your bank account and tries to open lines of credit in your name.

5. Dispute fraudulent charges with your bank

After notifying your bank that your account has been hacked, you should dispute any fraudulent charges so you are not stuck with the cost. Typically, you can dispute fraudulent charges over the phone, on your bank’s website or through your banking app. You should dispute these charges as soon as you identify a fraudulent charge. Make sure you have proper documentation of the fraudulent charges as evidence for your bank. It’s not always guaranteed that you will recover the money, but the sooner you dispute, the more likely you are to recover the money and prevent future charges.

6. Continue to keep an eye out for suspicious activity

Be alert to any suspicious activity that occurs not only on your bank account but also on all your other accounts. As mentioned before, if you used the same password for your bank account and other online accounts, a hacker could use your login credentials on multiple websites to gain access to your information. Look out for any transactions you didn’t make or suspicious login attempts on all your accounts.

Will I get my money back if my bank account is hacked?

Unfortunately, there is no guarantee that you will get your money back if your bank account is hacked. If you report any fraudulent transactions as soon as you identify them, your bank will most likely work with you and give you a refund. However, whether they can do anything to help depends on the amount of money that was stolen, how long it took you to report the fraud and how the money was taken from your bank account. Sometimes, the only way to get your money back is by taking legal action against the person who stole it. When this person is an anonymous scammer, you will be unable to recover your funds this way.

Protect your bank account from hacking attempts

Getting your bank account hacked can change your life for the worse, so it’s important to know how to protect your money and identity from being stolen. An easy way to make your bank account more secure is to use Keeper Password Manager, which can generate a random and secure password for your account and also keep it in a safe, digital vault.

Start a free 30-day trial of Keeper Password Manager to protect your bank account and all other accounts from being hacked.