What Do I Do If My Bank Account Is Compromised?

As of 2020, it is easier than ever before to get online and hack into someone’s personal accounts. Things can become a little more scary once you realize how often people today get their accounts compromised off small purchases. As of this year, some of the most notable and concerning things for personal account holders consist of:

1. A new hacker attacks every 39 seconds.
2. Cybercrime is more profitable than drug trading.
3. Cybersecurity budgeting in the U.S. has increased almost 14% in the last 3 years (13.15 to 14.98 billion)

With all this kept in mind, there are a few things to do if your account is compromised.

First, you should be watching your transaction statements to make sure there haven’t been any strange purchases lately. If you have a job that doesn’t require a whole lot of travel, the first and easiest sign of account hacking are purchases made in separate states from where you live. This is a very common sign of hacking and an easy way to tell if someone else is using your account.

Second, you should notify your bank immediately that you believe you have been hacked. Call them and make sure to freeze your account. Thankfully, a lot of debit cards today come with some version of security fraud such as Zero Liability Protection so things like this can be avoided. 

Third, wait for further instruction. It is common to have your card closed down for a short period until you receive a new one with a new PIN and password to better secure your money in the bank. While this can of course be a nuisance, it is much better to go this route than to lose all your money to a hacker.

Steps you can take to avoid account compromise in the future

You may be wondering how to avoid this from happening in the future. One of the most secure things to have on your card is dual authentication. In fact, most colleges around the country are starting to adapt this feature with the duo app. It is an easy and convenient way to get into your account in a more secure fashion?

Checking for malware is another great asset strategy to ensure hacking doesn’t strike twice. Making sure unknown sources are not following you on social media sites like Facebook, Instagram, and Snapchat. By letting others follow you, hackers can guess your passwords by seeing glimpses of your personal life.

Make sure you get debit cards with chip technology. It’s easy to drop your debit card and have another person just pick it up and go on a shopping spree. By having a chip and a mandatory PIN number needed for purchases, you can make things difficult for people to buy merchandise on your card.

Get a card with zero liability protection. With this protection, banks won’t hold you financially accountable for unauthorized charges on your account. If a hacker were to make purchases with your card information, you will not be held responsible for the charges. Furthermore, the issuer will help you reset your account to prevent further fraud.

Takeaways

Always make sure to keep your account secure above all else. If your bank account were to be emptied due to a cyberhacker, it would be hard to trace back where your money went and redeem it with your bank. The best thing you can do in a situation like this is to notify your bank immediately and have a card with Zero Liability Protection at your disposal.