If someone breaks into your online banking account, your money could be gone before you know anything happened. When online thieves discover your username and password, they can access your account and transfer its entire balance to criminal accounts where it cannot be recovered.

There are several ways to compromise a bank account, and these all generally use underhanded tactics to identify your bank account password. 

Deceptive webpages: Cybercriminals might trick you into entering your credentials on a webpage that looks similar to the bank’s site but instead belongs to the attackers. 

Malicious links: Malware could be installed on your computer just by clicking a link and could capture your name and password as you type them via the use of a keylogger. 

Taking advantage of weak passwords: If you use a weak password, persistent guessing might be enough to discover it. Criminals use software tools to automate the password guessing process and speed up the time it takes to discover your password.

The person stealing from your account is not necessarily the one who obtained your password or account information first. Banking passwords and account numbers are bought and sold on the Dark Web. It has become a business and today’s cybercriminals are organized and have specialties.

Cybercriminals rarely “guess” a password manually. They use industrial-scale tools and well-known attack techniques designed to exploit human habits and system weaknesses. Understanding how these methods work can help you avoid them.

How Hackers Get Passwords : Today’s 5 Most Common Methods

  1. Credential phishing: Of all methods, this is the most common attack method. Hackers create highly convincing fake login pages of bank account pages—and share links through SMS, email, or social media messages. These replicas capture targets’ username and password, then redirect them to the real bank site, so they will often not notice anything happened.
  2. Keylogging malware: A single malicious link or attachment can install a keylogger on a target’s device. From there, attackers record everything typed—bank logins, email passwords, even answers to security questions. 
  3. Password stuffing & credential reuse attacks: If targets use the same password across multiple sites, attackers can test previously leaked username-password pairs against banking sites at scale. Note that recent advancements have allowed automated tools to test millions of combinations per minute.
  4. Social engineering for password resets: Hackers sometimes bypass passwords entirely by impersonating you. With enough personal data (often taken from social media) or by taking advantage of personal connections (via deepfake AI technology), they can access the means to trigger a password reset. These “spear-phishing attacks” are particularly common against high-profile and high-net-worth individuals.
  5. Tech-support impersonation & remote-access tool scams: Attackers may also call impersonating a bank’s fraud or support team. Once they have trust, they’ll instruct targets to install a remote-access tool such as AnyDesk or TeamViewer to “help resolve the issue.” In reality, this gives the criminal full visibility into a victim’s screen–and login credentials. 

How To Know if a Bank Account Has Been Hacked

Cybercriminals often move fast, but they also try to avoid detection. Their success often depends on their targets remaining unaware of the hack until funds are removed. Account holders who know the early warning signs can catch fraud before losses escalate.

  1. Alerts for transactions you didn’t make: The most obvious signal. Even small unauthorized charges may be the attacker “testing” your account before draining it.
  2. You Are Locked Out of Online Banking: If your login no longer works (or your password mysteriously stops being recognized) someone may have already changed it.
  3. New Payees or Transfer Accounts Appear: Attackers often add money-mule accounts behind the scenes. Review your payee list regularly.
  4. You Notice Messages From Your Bank You Didn’t Trigger: Examples include:
  • “Your password has been changed.”
  • “A new device has been added.”
  • “Your profile information was updated.”
  1. Your Email or Phone Number was Altered: Criminals frequently change the contact details on your account to prevent you from seeing fraud alerts.

Can You Find Out Who Hacked Your Bank Account?

Unfortunately, identifying the individual attacker is rarely possible. Bank account theft is usually carried out through:

  • Stolen credentials purchased on the Dark Web
  • International groups operating across multiple countries
  • Malware-as-a-service (MaaS) tools used by thousands of unrelated actors

Even if your bank or law enforcement can determine the method (phishing, keylogger, etc.), the person who executed the theft may not be the person who originally stole your credentials.

What you can do: While you typically can’t identify the attacker, you can support the investigation by:

  • Telling your bank when the suspicious activity started
  • Reporting any recent phishing attempts you experienced
  • Providing the devices you used for banking so malware can be checked

How to Guard Against Bank Account Theft

It is important to protect your account against online theft. Consumers receive protections under Federal Reserve Regulations that require banks and credit unions to reimburse for certain fraud losses resulting from unauthorized electronic fund transfers.

How to Protect Bank Accounts from Hackers
  • Use a strong password: It should be at least twelve characters and not follow any guessable pattern. Include numbers or special characters to make it stronger and more complex. Do not write it down where others can find it. Instead, store all of your passwords in a password safe. If you have multiple accounts, use a different password for each one. The password safe will make it easier to manage and access your passwords when you need them.
  • Enable two-factor authentication: Confirmation of your login through an SMS message or other channel means that your password alone is not enough to get in.This added layer of security could be the differentiating factor from a criminal accessing your account or not.
  • Set up automatic alerts: This will ensure you’re notified of unusual activity on your account. Unusual activity can include transfers above a certain amount, addition of new online payees, a large number of consecutive failed logins, transactions that could not be completed, and falling below a certain balance level.
  • Don’t conduct online banking over public Wi-Fi: It often has little-to-no security, and others can eavesdrop on your activity. If you often access your accounts while traveling, a trustworthy virtual private network (VPN) provides an additional layer of security when connected to public Wi-Fi.
  • Be wary of phone calls and emails that claim to be from your bank: Never access your online account by clicking on a link in an email message (always use a bookmark or the bank’s mobile application). If you’re unsure about the caller, hang up and dial the phone number on the back of your bank credit/debit card. Additionally, your bank will never ask you to provide your Social Security Number, ATM or debit card PIN, or any other sensitive information via email.

What To Do if Your Account Is Hacked

If you receive a transaction alert from your bank that does not make sense to you, log in to your account as soon as possible and see if anything looks wrong. If you see suspicious activity, notify your bank immediately. If you cannot log in to your account, that’s a sign that your account may have been compromised and you should alert  your bank to the situation. In addition to the guidance you receive over the phone, please:

  • Change your password and verify that the email address tied to your account has not been changed
  • Ensure the fraud alerts or account alerts for your bank account are turned on
  • Run a malware scan on your computer or contact the BlackCloak Team
  • Ensure dual-factor authentication is turned on

The faster you act and notify your bank, the better your chances you have of being reimbursed. You will protect yourself from claims that you were careless, as well as help prevent further losses. If you do not notify your bank within 60 days after receiving the bank account statement showing the unauthorized transaction(s), you may forfeit your ability to be reimbursed.

As the pioneer of Digital Executive Protection, BlackCloak secures the personal digital lives of corporate executives, board members, high-net-worth individuals, and their families. We tailor our specialist technology, expertise, and concierge support to provide luxury cybersecurity solutions that protect the privacy, personal devices, and homes of our clients from cyber threats.

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