7 Things To Do NOW If Your Bank Account Gets Hacked
It’s that “PING” notification on the phone that nobody wants to hear. A message from your bank, credit card, or other financial institution that bears bad news. Intruders somehow got into your sensitive financial information. It’s not knowing what to do if your bank account gets hacked.
In other words, you’ve been HACKED, and you don’t know what to do.
It’s no secret that identity theft is rampant these days. Maybe you’ve experienced that sinking feeling of violation yourself, or you know someone who has. It’s all too common not to know what to do if your bank account gets hacked, too.
Trust me, identity theft can make you just as angry as it does fearful.
I had an identity theft incident back in November of 2018. Fortunately, I review my credit report status weekly, and that thief didn’t stand a chance.
As a result, I stopped the fraudulent activity within 24 hours of discovering the breach. Unfortunately, millions of others aren’t nearly as lucky. People frequently just don’t know what to do when their bank account gets hacked.
Recent security breaches have affected big names finance (like Chase and Capital One). It’s no surprise that 3 million people have had their information exposed in the last year. (See the full 2019 list of affected institutions here.)
One of those 3 million people might have been you. That’s the bad news. The good news is that you don’t have to take identity theft lying down!
Since my run-in with the hackers last year, I armed myself with a list of steps to shut down any future attacks. Because I want you to benefit from my experience, I’m sharing it here with you today!
Therefore, if the hackers show up at your door, you’ll be able to take fast action to shut them down.
First, let’s define the two most common types of fraud.
There’s the kind where hackers steal money directly from your accounts. Then there’s the kind that feels even more personal: the kind where hackers pretend to BE you. They have your Social Security Number, and they’re off to the races.
You might catch an identity thief in a couple of different ways. First, something fishy might turn up on your credit report (that’s how I caught my thief). Second, you might notice that a large sum of money disappeared from your account that you didn’t spend (yikes!).
Either way, fraud feels scary and disempowering.
But you don’t have to fear for your identity anymore. I’m going to show you what to do if your bank account gets hacked!
These steps will shut down the invaders and help get your money AND your identity back where it belongs. With YOU.
Ready to learn what to do if your bank account gets hacked? Let’s set the trap to catch identity thieves, and beef up your security to prevent theft, too!
First, I’ll show you how to stop hackers and protect yourself after a fraudulent event. Then I’ll show you the best ways to prevent fraud in the future (or in the first place).
Let’s get into what you to do if your bank account gets hacked…
Situation One: Oh, S*it, I’ve Been Hacked! Here’s what to do next:
Step 1: Take a deep breath. In these moments, it’s easy to spiral into fear. You might feel violated or overwhelmed. But it’s not the end of the world. You can take your power back. So clear your schedule for the day, and make this your priority. You’ve got this!
Step 2: Immediately call the Customer Service line for your affected accounts. Start where the trail is hot and put the fires out. Immediately call the customer service representatives for all your affected accounts. Dispute any unfamiliar transactions, and as soon as possible.
Next, change your personal identification numbers (PINs) and passwords. Do this for all your affected accounts, and start reestablishing security.
Step 3: Check all other financial accounts. Review any other bank or credit accounts as well, and make sure nothing else looks amiss. If you see anything unusual, call your customer service line immediately.
Step 4: Check your credit report. If you have fast access to your credit report, log in to check for any “hard inquiries” that you don’t recognize. (A “hard inquiry” is when a third party asks for your credit report. They usually happen when you’re applying for a loan, a credit card, or a bank account.) You’ll find out fast if someone is out there attempting to open an account or get a loan in your name.
Pro tip: If you use Credit Karma, you’ll find hard inquiries listed under the “my overview” tab on the top left. Go to “Score Details,” then “Hard Inquiries.”
Step 5: Place a fraud alert on your accounts. Contact the three major credit bureaus and place a fraud alert on your account. If you don’t have accounts set up yet, signing up is simple (and costs just $1).
Contact the three major credit bureaus at the numbers below:
1. Experian: www.experian.com 1-888-397-3742
2. TransUnion: www.transunion.com 1-800-680-7289
3. Equifax: www.equifax.com 1-800-525-6285
You also might consider setting up a security freeze. This restricts access to your credit report. It can help minimize the chances of third parties (i.e. thieves) opening accounts in your name.
If you do go this route, keep in mind two things. First, regulations for placing a freeze on your account vary from state to state, so find out the rules for where you live.
Second, if you need to access your own credit any time soon, you will also be locked out of your own report. It’s up to you to lift the freeze.
Step 6: Report the criminal activity to the Federal Trade Commission (FTC) by calling 1-877-ID-THEFT. You can also visit www.consumer.gov/idtheft
Step 7: File a report with your local police. If your credit damage was severe, consider filing a police report. It can help build your case in dealing with creditors in the future. (Filing a police report also allows you to add a 7-year extended fraud alert to your account, if necessary.) Find out more about when and why to file a police report HERE.
Situation Two: I’m ready to level up and stop future identity thefts!
How do you up your game and prevent identity theft from happening again (or happening in the first place)? Here are a few empowering guidelines:
Tip 1: Don’t use debit cards at the gas pumps. When you’re at the pump, stick to credit cards rather than debit cards. (And if the keypads look at all suspicious, don’t use the pay-at-the-pump option at all.)
Tip 2: Shred or burn all documents with sensitive information. If you’ve got old documents with sensitive info (e.g. social security or bank account numbers.) get rid of them for good.
Tip 3: Don’t access bank details on a public wifi or shared networks. If you do need to share sensitive information while you’re out, do it safely. Use Dropbox for sharing files or bank statements. If you need to share login information, use an app like LastPass or 1password.
Pro Tip: LastPass and 1password are useful for protecting all your online passwords, BTW!
Tip 4: Don’t carry around what you don’t need. This means things like extra credit cards, your passport, or your social security card.
Tip 5: Review your credit report on a monthly basis. Make sure that when you balance your books, you check your credit report, too. Look out for unfamiliar hard inquiries, and dispute anything you don’t recognize.
Pro tip: Your credit card company might offer free credit reports as a cardholder service. Credit Karma is also a great option to help you stay on top of your credit score.
Tip 6: Monitor your bank transactions and dispute fraudulent charges ASAP. I recommend checking all your accounts frequently, and on trusted Wifi only. If anything you find looks suspicious, get on it immediately!
Pro tip: I use the mint.com app to make bank account monitoring quick and easy!
Fraud is not 100% preventable, and it happens to the best of us. But you can still take steps to empower and protect yourself.
If you’re ever faced fraud, these steps will help you minimize the damage. They’ll also help you prevent it from happening again.
In conclusion, fraud is, quite frankly, a pain in the ass. It’s VERY inconvenient to deal with. But taking steps to prevent and/or recover from fraud is an exercise in responsibility. And being responsible is part of everyone’s wealth journey. If there’s a possible silver lining, this just might be it!
So tell me, has fraud ever happened to you? What did you learn from the experience? Leave me a comment below, tell me what you learned, and what you plan to do to prevent fraud in the future.
Until next time,
Love, Light, and MONEY, honey…
Kaylee