Money & Banking

Your bank account has been hacked — what do you do next?

Your bank account has been hacked — what do you do next?

Bank account hacking is becoming more commonplace and dangerous due to the sophistication of cyber criminals.

Cyber security specialist John Catibog spoke to The Daily Telegraph about the reason hackers are more prevalent.

As the founder of cyber insurance firm Indagard, Catibog explained that almost 250 Australian businesses report data breaches every quarter.

“But I’d estimate more consumer incidents go unreported,” he said.

If your bank account has been breached by an intruder and has been drained, it’s important to notify the bank immediately.

Catibog also suggests enabling the extra layer of protection that banks offer to keep your money safe, which is known as two-factor authentication.

Changing your passwords for emails and other accounts in case they’ve been compromised as well is a good idea.

Your new passwords should be long and difficult, but memorable with a mix of letters, numbers and symbols.

“For example, a password like ‘March 11 is a public holiday’ is nearly un-hackable, and ‘Password123’ will take just nine days,” Catibog said.

“Review all your financial statements and watch for unauthorised transactions.

“Remain calm, because resolving the matter will take time.”

Norton cyber security territory manager Mark Gorrie says that if a bank account breach impacts your credit card, you should request a new card and new number.

“Change the passwords of your other accounts,” he said.

“If you have the same or similar password on other platforms and accounts, change each one immediately.”

Hacker aftermath checklist

  • Notify your bank immediately
  • Block further transactions
  • Run a malware scan
  • Freshen up your passwords
  • Review all financial statements
  • Enable two-factor authentication