The convenience of online banking made fund management a lot easier but it also opened up gateways of cybersecurity threats.
The criminals rely on this data to search for vulnerabilities and to break into sensitive data. The first step toward protecting your finances is knowing when your online bank account is being targeted by a cyber attack.
Here are 10 of the most important red flags to look out for, along with tips on how to protect your assets.
If you are not aware at all about your financial details and while checking your bank account you see some amount has been deducted for some unknown reason, then this is one of the online fraud biggest red flags.
If you see bizarre small-scale transactions that you didn’t initiate or even large transfers that you don’t recognize, then you may very well be in a position where you’ve been compromised.
Cybercriminals frequently begin with smaller fees, to primarily test the waters, then proceed to larger scams. Always check your account statements regularly to spot such irregularities early enough.
Trouble Signing Into Your Account
If you suddenly find that you can’t log into your account even after entering the correct login credentials, it could be because your login credentials were compromised.
After the hackers gained access, they may have changed your password. And if that happens, you should immediately call your bank to freeze your account and to prevent any further incursions.
Receiving Alerts or Notifications You Didn’t Sign Up For
Report any suspicious alerts, emails or texts from your bank. If you’re getting alerts about changes to account settings or new devices logged into the account activities you did not authorize, it’s a giveaway that there’s a bank account security problem.
And avoid saying these are harmless mistakes; rather investigate and take action quickly.
The number of cyber attacks against financial institutions, including online bank accounts, has increased by 238% over the past decade.
Logins from Suspicious Locations or Times
Most banks have an option to view recent log-in activity, including the time of log-in and the device used.
If you see logins from unknown locations or at unusual hours, it’s a sign that someone may be monkeying around with your account.
Enable multifactor authentication (MFA) whenever possible to add an additional security layer that validates every login attempt.
Missing Account Statements or Emails
Are your account statements or some important bank-related emails mysteriously not coming? Hackers might intercept or delete these to keep you from noticing fraudulent activity.
Check your inbox and spam folder on your bank accounts regularly for communication from your bank, and contact your provider if you suspect interference.
Getting Phishing Emails or Messages
It’s common for hackers to use phishing emails to persuade you to provide sensitive data.
Avoid reusing passwords and be suspicious of any communications you receive that appear to be from your bank that asks for passwords or personal data.
They’re all attempts to take advantage of your trust and gain access to your account, which opens you up to more cybersecurity threats.
The top three countries with the most cyber attacks against financial institutions are the United States, China, and Germany.
Unusual Changes Made to Your Account
Fraudsters might change your contact information or add additional payees without your permission. Keep an eye on your account settings for any unauthorized changes.
If there are changes you don’t recognize, report them to your bank immediately to stop cybercriminals from getting at your funds.
Unrecognized Devices Connected to Your Account
Banking apps sometimes have the option to view connected devices in modern apps. If you don’t recognize some of the devices or IPs, your online bank account may be under cyber attack.
Include If you suspect something, disconnect unauthorized devices immediately and reset your login credentials.
Too Many Login Attempts
Have you been notified about multiple unsuccessful login attempts? Those could be signs of a so-called brute-force attack, where hackers try thousands of guesses for a password.
A strong password containing a mix of letters, numbers, and special characters could help reduce this risk.
Your Bank Freezes or Flags Your Account
Banks routinely flag potentially suspicious activities and can temporarily freeze your account as a safeguard.
If this occurs and they haven’t notified you, it may mean they have identified a security problem.
Though this may be inconvenient, consider it a chance to review your account and confirm that all settings and transactions are valid.
The cost of a ransomware attack for a financial institution can range from $1.4 million to $3.8 million, including lost revenue and recovery costs.
How to Secure Your Bank Account
This susceptible situation that can commonly be treated as online fraud. Here are ways to lower your risks:
- MFA adds a layer of protection to your account.
- Avoid Similar Passwords on Different Websites, Change passwords regularly and do not use similar passwords on different websites.
- Review your bank statement to identify any suspicious transactions while they are still in the early stages.
- Avoid clicking on unusual links or giving personal information by email or phone.
- Make sure your computer and smartphones have antivirus and your passwords are strong.
Final Thoughts
Awareness is your no:1 defence against cybersecurity threats. Identifying these warning signs can give you the ability to react quickly to secure your account, whether it’s recognizing unfamiliar devices or seeing unauthorized transactions.
Always keep in mind that the best way to protect your financial standing is through anticipation and vigilance! The bottom line is: If you find any of these 10 signs that your online bank account is under cyber attack, be sure to get in touch with your bank and take swift action.
A secure account ensure will provides a sense of security for you and your future finances.
