What to do if your bank account is hacked

What to do if your bank account has been hacked

1. Freeze or block your card. Many mobile banking apps and Internet banking portals have a card-freezing feature which allows you to temporarily freeze or block your debit card from making transactions. If you can do this with your account, do this right away to prevent any further purchases by the hacker.
2. Notify the bank. Call you bank and tell them you suspect your account has been hacked. If you haven't already done so, they'll be able to freeze your account to prevent further purchases.
3. Block pending transactions. The bank may also be able to block any purchases that are still pending, so check your transaction history for pending purchases made by the hacker.
4. Check your other accounts. It's a good idea to check your other accounts if you have any (e.g. joint bank accounts, credit cards) to make sure these haven't been hacked as well. For extra safety, update your account passwords and/or PINs.

How will you know if you’ve been hacked?

Strange purchases that appear on your bank statement may be the first clue that a hacker has got into your account. Make a habit of checking your transaction history regularly in your mobile banking app, or ready your bank statements.

Sometimes the people that steal your card will make seemingly insignificant purchases to test and see if your card works before going to larger transactions. So make sure you don't disregard any small transactions that you don't remember making - these could be by a hacker.

For larger purchases, your bank may notify you of suspicious activity and automatically cancel fraudulent charges.

Expert insight

"If you notice any errors or suspicious activity or believe you have become a victim of identity theft, you should make a report with the Australian Cyber Security Centre... Your report will be directly referred to the appropriate state or territory law enforcement agency."

George Andreopoulos

Argus Investigations

⚠️ Visit the Australian Cyber Security Centre website to report an issue now.

Finder survey: Which age groups experience the most card fraud in Australia?

Lost or stolen card numbers

Don’t wait for your bank to realise. It's your account, so you're in charge of managing it. Check it regularly in order to avoid a mishap.

The first step the bank will take is freezing your account so no-one can access it. If you go to your local bank branch, they will give you a temporary card, otherwise it will be sent to you in the mail.

Most banks will refund your lost money after you complete a form admitting that you didn't take part in the theft.

Are banks liable if I've been hacked?

If a hacker steals any funds from a bank, the bank is liable to pay the money back to the customer. However, it may be difficult to prove that you weren't party at fault (e.g.: if you've been careless with your account, you may not be eligible for a refund).

Since banks are constantly under attack, they need to improve every aspect of their security so they have the latest software designed to protect you and your money. Every attack doesn’t make the news, but generally the big ones do. Rest assured, banks are constantly improving their systems for detecting and dealing with these problems.

Ensure your account is not vulnerable

Most banking websites allow you to activate a feature called "remember your password" when you log in via the Internet. You can then skip several layers of security the next time you log in since the bank recognises your computer’s IPv4 address - a unique identifier for each Internet connection.

But malware is a tool that hackers use to imitate your IPv4 address so they can gain access to your bank account. Often you don't even know that they have control over your bank account. For this reason, it’s best to disable the “remember your computer” feature.

If you've been hacked, it's also a good idea to change all your online passwords and login details, and also your PIN for your mobile banking app and debit card.

Beware of social engineering

Email software is pretty good at getting rid of spam the majority of the time, however, you may see something that resembles an official bank email that asks you to go to the bank's website to confirm your information. In reality, this could be a scam and the hacker has designed a site that mimics your bank's website. If something like this happens to you, don't enter your details such as a password unless you're sure it's a secure website.

You can often verify a website's validity since the Internet monitors the security certificate of that said website, so your mind can be at ease.

Similarly, you should never respond to a text message claiming to be from your bank asking you to click on a link or provide your bank account details. If you're ever not sure, the best thing to do is cal you bank and check if the message is from them.

Have you been hacked while overseas?

If you believe you have fraudulent transactions on your debit card – whether the transactions came from overseas, or you're currently overseas – you will definitely need to block the card and lodge a dispute investigation. Before you go on holiday, it's always handy to have a list of phone numbers on hand in case of issues like this. Otherwise, a simple Google search should be able to find you the right number. If your bank finds the transaction to be fraudulent, it will most likely refund the money.

Before you go overseas make sure to let you bank know what country you'll be in and when, so they can keep an eye on any suspicious transactions that are made elsewhere.

Need a new bank account? Check out our bank account comparison to find the right bank account for you today.

Written by

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise

Alison has written 625 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living