Last Updated on October 17, 2022 by Jerome Donovan
It’s not every bank account request details that you should honour, especially from strangers. There are a lot of things that happen if someone has your account number. There are popular myths flying around that it is just an account number. But in this detailed post, I will break down a few dangerous things that can happen if someone has your account number.
It is typical to give your account number to people, especially when expecting credits from them. Although your account number is personal information, it does not make your bank account accessible to unauthorized users. , it is safe to give your account number to people, but not when it is unnecessary.
Do not give your bank account number to strangers, except for corporate transactions. Unless the sender will be crediting your account for goods, services, or donations, do not give them your account number.
People post their bank account numbers indiscriminately online. It does not threaten the security of their bank information, but it exposes them to blackmail.
Should You Give Your Bank Account Number to Someone?
Yes. Giving your bank account number to people is OK. However, when you issue it to scammers, they can manipulate ways to get you in trouble, but cannot transact with your bank account.
The best practice is to give your account number to closer persons and business associates that intend to make transactions to your bank account. To keep the crooks from your bank account number, do not publish it on social platforms. One of the methods scammers utilize to collect bank account numbers is to post fake reward schemes that request bank account numbers for payouts. Gullible people fall for the scam to provide their bank account numbers, which the scammers can use to scam.
The thumb rule is to keep your bank account number for relevant people only. If you have to share your account number, tell the person to keep it from public view.
What Can Happens if Someone Has Your Account Number?
Lots of illegal stuff happen if someone has your bank account number. In this section, we will discover the most common things that can happen if your bank account number gets into the wrong hands.
Below is what happens if someone has your account number:
Illegal Cash Transfer
When a criminal gets your account number, the next step is to find your contacts. It can be your email address or your phone number. They can also contact you through fake campaigns online. In this regard, they lie about a scheme that pays and encourage you to participate.
You will be asked to publish your bank account number, which is used for the scam. Of course, you will include your name, which is just what the scammer needs to do whatever transfers they want to your bank account. Another information the scammer needs, which you’ll provide unknowingly is your bank.
To confirm whether your bank name, account number and account name are correct, the scammer will log into their mobile banking app. They enter your details as though they want to transfer money to your bank account, and the system will verify that is a real account number and name.
After indulging in whatever activity that generates illegal money, they send the money to your bank account. A few seconds later, they will contact you to explain that they mistakenly made a transfer to your bank account and that the bank will track and jail you if you attempt to run with the money.
When you request their amount details to resend the money, they will ask you to withdraw the fund, and keep some percentage, typically 5%.
Out of fear, you withdraw the funds for them, keep the percentage, and then the police and law enforcement agencies are after you. You can’t prove innocent, except you provide the scanners, which may be impossible.
When you receive alerts for the money you’re not expecting, wait for about 20 minutes to get feedback from the sender. If nobody calls to claim the transfer, review your business engagements to be sure that you’re not expecting credits.
If you can’t think of any transaction, report to your bank immediately. Explain that you’re unaware of the transaction and that it could be illegal. Whatever happens from this point, the bank won’t jail you.
The reason ACH transfer is not worrisome is that a scammer will require additional information, including a driver’s license and address.
ACH transfer can function on any checking account. It means that by writing checks, you are exposing your bank to fraud.
Of course, you can’t help the situation, especially when dealing with strangers, because they must credit you for business transactions.
How ACH transfer works
ACH is an acronym for Automated Clearing House. It is an electronic bank transfer system processed by the clearing house network. A scammer that understands how ACH transfer works can use it on a site like Amazon.
In this method, if someone has your bank account, all they need is your routing number.
If the scammer gets hold of your routing number, he can perform transactions online.
ACH has been improved such that additional personal information is required to authenticate transactions. But criminals always have a way to collect the details, especially when you’re not careful.
Your routing number must be out of the sight of people you don’t know. If you share your routing number with friends and relatives, remind them to safeguard it.
Moreover, if you transact frequently with your checking account, you should have at least two accounts. The first account can house most of your money, while the second account number can be checked by people.
Lastly, after you issue checks to people, monitor your account statements. You do not have to worry, but just keep track of the statement.
Your chequebook is a great piece for making payments, and also a booklet that can compromise your bank account. A chequebook contains your bank account number, and additional information required by a scammer to attack your bank account.
An advanced criminal has tons of ways to deal with your banking check and get away with it.
While counterfeiting your check, the scammer is careful to place the information in the right positions.
The print ink on your check is magnetic and can alter a transaction from taking place without your approval.
Moreover, a scammer can steal your chequebook, which contains your bank account number, to withdraw money.
Do not issue your checks to people you don’t trust. When you issue checks to random people you meet, you might be walking your way to losing your funds to scammers.
Take note of the people you write checks to withdraw from your bank account, and make sure to keep in touch with your bank regarding the transaction.
Make sure the expiry date of withdrawal is short. Longer durations may expose your bank account to theft.
Also, charge the people you issue your check to keep it safe. If they lose the check to crooks that withdraw the money on their behalf, they become responsible for the loss.
Bank log phishing is a method someone can use to collect your bank information, including your bank account number, account name, email address, login PIN, and username.
Typically, scammers phish or pharm for this information. To phish, they can contact their victims via phone call or text messaging. Pharming is different; a scammer collects your bank information using a fake website.
Typically, a fake website is an e-commerce site designed to collect and store bank details when you visit the site as a user.
Once the scammer knows your information, they use it to cash out funds from your account. It is also called loading, which moves money from your bank account illegally.
The solution to avoid losing your bank details like your username and password is to keep off malicious websites.
When anyone sends a private message that requires following a link, do not click. If possible, delete the message. If the sender persists, report their account, and block them.
Can someone steal your money with your bank account number?
No. The general answer is no because they need your PIN and additional details to access your bank account. What criminals do is use your bank account number to phish for information. When they succeed at getting the information, they proceed to scam and cash out.
Depending on how sophisticated a scammer is, they can use your bank account number to check your bank account balance. Of course, that doesn’t give them access to load your bank account, except they can only send dirty or illegal money to your bank account.
The focus of this article is to deter you from giving your bank account number to random persons. Although your bank account number is not enough for someone to compromise and withdraw money from your bank account illegally, it is advisable not to publish or share it randomly.
Now you have seen some possible stuff that can happen if someone has your bank account number, so you should be more careful with whom you share your details.