What happens if someone has your bank account number? You probably think they will rip every last coin in your account. Well, it is not always the case, and this article reveals the misery behind giving out your account number, especially to strangers.
Will someone you do not know withdraw from your bank account? Will the bank do anything to stop someone from transacting with your account using your account number?
The truth is that your bank account number is not enough tool for anybody to harm your bank account. However, your bank account can serve many illegal purposes that get you in trouble.
Can I give my bank account number to someone?
Yes, you can give your bank account number to people, but it is advisable not to issue it to strangers. If you have no dealing with someone, it is not OK to give them your account number. When you publish your account number on web forums and social platforms, you invite strangers. Of course, they will attempt to use the details against you and rip you off your money. To avoid compromising your bank account, always be careful and thoughtful of those you give your bank account number.
Things that Can Happens if Someone Has Your Bank Account Number?
Lots of bad things can happen when you give out your phone number indiscriminately. Most reported cases typically involve the victims facing legal actions for funds they know nothing about.
Meanwhile, what happens if someone has your bank account number?
If your bank account number ends up with someone, they can use it for phishing you or your contacts for more banking details. For instance, if someone calls your phone number and someone answers it that you’re not around, they can phish the person for your info.
A someone can lie that you asked them to call and request further info by providing your account number as proof. If the phisher or someone is sophisticated, they may have software that generates information associated with the bank account.
A text message containing OTP (One-Time Passwords) may be sent, and someone requests it. Once they receive the code, they gain access to your bank account or forge a credit card that communicates with the bank account.
- You can get out of being phished by not giving out your account number to random people.
- If you share your mobile device with another person, inform them never to click suspicious links sent as text messages or give out codes to random callers.
- If you gave out any information to a strange caller, report it to your bank immediately.
In essence, someone can use your account number to phish personal bank account-related information from you.
Illicit Money Credit
One of the most common criminal activities is moving illicit or dirty money to an unsuspicious account holder’s account.
When someone has your bank account number, they can send money into it and claim it was a mistake. Typically, such funds are traced to unscrupulous deals.
The person will ask you to withdraw the money and forward it to them in the equivalent of cryptocurrency like Bitcoin. They can also receive cash from you and leave between 3-5 percent of the amount with you as compensation.
Unfortunately, the cops will come after you in no time. If you can’t produce the creditors, you are responsible for the crime.
- Share your bank account number only with the people you know.
- Report unknown credits to your bank immediately. By reporting to the bank, law enforcement agencies hold nothing against you because it is obvious that you are innocent.
- Do not withdraw or spend from your bank regardless of the percentage or threats from the creditors until the issue is resolved.
- Contact the police and file a police report.
- If there are threats to your life, report to the police.
When you write checks for people, you expose your bank account details, including your name and signature.
Unfortunately, writing checks to strangers may expose the security of your bank account. How ACH transfer harms your bank account is that it allows someone to transact with your bank account online.
However, the person will require your routing number and additional personal information, which may be easy for them to obtain. They can use your social media profile and timeline to gather as much information they can think about you, including your address, home address, spouse, etc.
- Make sure your checkbook is safe from strangers.
- Do not write checks to people you do not know.
- Minimize the personal information you share with the online community.
- Have a close rapport with your account manager and monitor your account activities regularly.
Checking is more secure than ever, but it does not mean you must be careless when handling transactions.
Bank Log Generation
Bank logging is an unlawful behavior that uses bank login details. It works like phishing because a crook might have to contact you to obtain further information.
Sophisticated persons, however, may require just a few details to determine your data. For example, a typical bank app requires the username/email address and password to access funds.
Someone can set up a campaign that convinces you to submit your email address, username, and bank account number. The movement might promise to return more of your investment, but when you enter personal details, the campaign admin stores them.
They then use the provided info to attempt accessing your bank account. Of course, when they request your bank account number, they will also request your bank name, which makes it easier to download the bank app.
Various methods could be used to break into the account. For example, if you use the same password for your accounts, they may filter your password on their site and use it to log into your account.
- Change your bank password frequently.
- Do not publish your bank account number on websites.
- Never give out your bank account number and the email address registered to the account number. Someone can attempt to log into your email account to reset it.
Thanks to technology, common account breaching methods, including brute force, dictionary, etc., are not effective.
A Form of Disguise
If someone takes what does not belong to them, they may disguise their identity by disposing of your account number at the scene.
Typically, they write your account number on a piece of paper and dump it at the scene to keep law enforcement from tracing the activity to them.
When the law enforcement traces the activity to you, they become free, and while you fight the case, it dies down, and they are no more wanted. The idea is that someone uses you as cover to perpetrate unlawful behavior that may harm others.
Your account number draws attention away from them, and they do not care what happens after the bank account number is traced to you.
- Give out your bank account number to relatives or business partners only.
A determined person can use your bank account to replicate your checkbook. Check counterfeiting is not common currently due to security measures invented to combat it.
However, some may be conscious of the loopholes and use them against you to collect your bank details. Note that the print ink on checks is magnetic; it regulates and prevents transactions without your approval.
- Keep your checkbook safe.
- Do not issue checks to strangers indiscriminately.
- Keep in touch with your bank account manager whenever you hold a transaction.
- Admonish those you write the checks to keep it safe until withdrawal.
Check counterfeiting does not always work and does not mean someone won’t try to breach your account with it. Always monitor your account notifications via email and inspect your account statement often. When you find a suspicious transaction, review it and inform the bank for explanations.
A bank account number is merely an ID for your bank account. Nobody can access your bank account without your permission, except they have further details of the account.
Do not share your bank account number on platforms that promise quick returns. Never click unsolicited links sent as text or email messages.
When a transaction activity is suspicious, or you can’t recall the transaction, contact your bank.
As mentioned earlier, if you receive payments to your account from unknown sources, report to the bank immediately. Do not spend from the account or attempt to withdraw the funds.