{"id":36750,"date":"2018-12-17T16:13:12","date_gmt":"2018-12-17T08:13:12","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=36750"},"modified":"2020-06-05T13:43:42","modified_gmt":"2020-06-05T05:43:42","slug":"what-to-do-bank-account-hacked","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/what-to-do-bank-account-hacked","title":{"rendered":"What Should You Do If Your Bank Account Is Hacked?"},"content":{"rendered":"

Your worst nightmare has come true. A hacker has gained access to your online banking account and completely wiped out your savings. So what can you do?<\/p>\n

This scenario sounds unlikely, but it can still happen. Modern identity verification is less secure than you think it is, and even SMS-based two-stage authentication<\/a> can be overcome. That TAC number your banks sends over SMS isn\u2019t much safer either. It just makes things a little harder for hackers and hopefully deter them enough that they go bother someone else.<\/p>\n

So what do you do in the unfortunate event that you fall victim to cybercriminals?<\/p>\n

<\/span>Notify your bank<\/span><\/h2>\n

Naturally, the first thing you need to do is contact your bank and inform them of the situation. Calling customer support and getting your account frozen until things can be sorted out is extremely important in ensuring that you don\u2019t lose even more.<\/p>\n

Banks have safeguards against this sort of thing happening and will conduct an internal investigation to sort it out. So there\u2019s nothing to worry about; you will get your money back. Aside from the fact that someone has run off with your hard earned money.<\/p>\n

<\/span>Check for malware<\/span><\/h2>\n

Now that your money is secured, you need to ensure that you change the metaphorical locks and bar the metaphorical windows. Your first step is to figure out how you got hacked in the first place.<\/p>\n

Many cybercriminals use social engineering to obtain login information. This is mainly done by anonymously contacting the victim and tricking them into giving up personal information that can be used to gain access to the account. Alternatively, this method is also used to install malware that gives the hacker access to the victim\u2019s computer.<\/p>\n

Malware can also be distributed in many other ways. These include trapped email attachments, hacked files (usually pirated movies, songs, games, software), and occasionally display ads.<\/p>\n

In the case of being tricked to give information; there\u2019s nothing much that can be done aside from learning a valuable lesson about trusting strangers. But if you\u2019ve been tricked into installing malware, you need to ensure that you remove it from your computer. Otherwise you\u2019re just going to fall victim again and again.<\/p>\n

Ask your tech savvy friends if you\u2019re not sure how to go about this. Malware removal could get complicated if the people who hacked you know what they\u2019re doing.<\/p>\n

Now, it may not be your fault that your online banking account was hacked. After all, the hackers could have gone after the bank instead of just taking advantage of individuals. It\u2019s more profitable to hack banks or the SWIFT<\/a> payment system.<\/p>\n

Still it\u2019s better to cover all your bases at this point.<\/p>\n

<\/span>Change your password<\/span><\/h2>\n

Now that you\u2019re sure your money isn\u2019t completely lost to the void, you can start locking things down. Changing your password is the bare minimum that needs to be done. Even if you never find out how the hackers broke into your account.<\/p>\n

There are more than a few stories about how to go about making a secure password. For the most part, a longer password is better than a short one. The best advice we\u2019ve ever seen is to simply use a phrase that\u2019s easy to remember or refer to this comic.<\/p>\n

<\/a><\/p>\n

It\u2019s also important that you use a different password for each account. This is to prevent you from being hacked multiple times due to a single security breach.<\/p>\n

<\/span>Enable 2FA<\/span><\/h2>\n

Two factor authentication – called 2FA – is a system that sends you an additional randomised security code (often called a one time password or OTP) before you are able to log into your account. SMS is the most commonly used these days, but some companies like Google prefer app based verification.<\/p>\n

The idea here is that while a hacker may steal your password, they are unlikely to also get ahold of your phone at the same time. Ideally, this forms a secure identification system. It\u2019s not perfect, but it strikes a decent balance between security and convenience.<\/p>\n

Most banks also use 2FA as an additional layer of security for making online transactions. This precautionary measure keeps you aware of any attempts at unauthorised access to your account.<\/p>\n

<\/span>Check credit\/debit card statements<\/span><\/h2>\n

It\u2019s unlikely that someone has stolen both your online banking account and credit\/debit card information. Banks are usually very good at detecting suspicious activity and alerting you, but it helps if you\u2019re also paying attention to whatever is going on.<\/p>\n

If anything, it helps to ensure that you\u2019re not the victim of two different cyberattacks. Cybercriminals targeting credit card information often have a different approach and you may not even be aware that your card number has been stolen.<\/p>\n

<\/span>Keep calm<\/span><\/h2>\n

Do not panic. Cyberattacks happen and are sometimes completely out of your control.<\/p>\n

What you need to do is understand that banks have precautions against this sort of thing happening. You won\u2019t lose your money, although you may be mildly inconvenienced for a few days.<\/p>\n

At most, take it as a lesson about practicing good cybersecurity measures and not taking anything for granted.<\/p>\n

Update:<\/strong> We’ve removed the reference to PIDM. The body does not directly insure savings. We apologise for any confusion caused.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Keep calm and manage your information.<\/p>\n","protected":false},"author":36,"featured_media":36752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[265,325],"tags":[350,351],"class_list":["post-36750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broadband","category-guides","tag-cybersecurity","tag-internet"],"acf":[],"yoast_head":"\nHow To Handle A Bank Account Data Breach<\/title>\n<meta name=\"description\" content=\"You\u2019ve been hacked. So what do you do now? Change your password? Call your bank? 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