Scams reported to the ACCC involving identity theft or the loss of personal/banking information have cost Australians at least $16 million this year, and this figure is likely to be just the tip of the iceberg. Show Four in 10 Scamwatch reports in 2019 involve attempts to gain information or the actual loss of victims’ information. “If you think scammers might have gained access to your personal information, even in a scam completely unrelated to your finances, immediately contact your bank,” ACCC Deputy Chair Delia Rickard said. “Timeliness in alerting your financial institution is absolutely crucial, and will give you the best possible chance at recovering your funds.” Some of the ways scammers obtain personal or banking information are:
“No one is really selling an iPhone for $1, or rewarding the completion of a survey with expensive electronic goods or large gift vouchers. They’re scams to get your valuable personal information,” Ms Rickard said. “The identity thieves can make victims’ lives a nightmare. They’ll change the victims’ phone carrier so they lose service and set up mail redirections so they’re in the dark about what’s going on.” Scammers can empty victims’ bank accounts, take out tens of thousands of dollars in bank loans under victims’ names, and purchase expensive furniture or electronics under ‘no-repayments for 12 months’ schemes. Lost personal information also leaves victims more susceptible to future scams. Scammers will use the victim’s personal information to seem more convincing in cold calls. “The trick is to be alert to the signs. If your mobile phone suddenly loses coverage, you haven’t received expected electronic or physical mail, or you receive unexpected notifications from a financial institution, call your bank.” If you have been the victim of identity theft, contact IDCARE on 1300 432 273. IDCARE can guide you through the steps to reclaim your identity. People can report a scam to the ACCC via Scamwatch. Read more
Remote access scams try to convince you that you have a computer or internet problem and that you need to buy new software to fix the problem.
Scammers use all kinds of sneaky approaches to steal your personal details. Once obtained, they can use your identity to commit fraudulent activities such as using your credit card or opening a bank account.
Identity theft is a type of fraud that involves using someone else's identity to steal money or gain other benefits.
Phishing scams are attempts by scammers to trick you into giving out your personal information such as your bank account numbers, passwords and credit card numbers.
Hacking occurs when a scammer gains access to your personal information by using technology to break into your computer, mobile device or network. I can steal $50,000 from your bank account tomorrow. I know how because it happened to a client of mine, and it's easier than you think. And yes, this is a very true story.  My client is a nonprofit organization, not that that matters. The company issues paper checks and also makes and receives payments through automated clearing house (ACH) transfers. I bet your business does the same. But then one day my client looked at her bank account and found that $50,000 was missing. It was paid to a supplier she had never heard of. And by the time she figured out what happened, the money was gone. Think this can't happen to you? Oh yes it can. Because here's how it happened to her. Related: A Deepfake Phone Call Dupes An Employee Into Giving Away $35 Million More than 80% of businesses still use paper checksm and although she's doing her best to make more online payments, my client is one of them. Someone (she doesn't know who) received a paper check from her business that was written anytime during the past 20 years. That paper check — like all paper checks — had the bank's routing number and my client's bank account number printed on it. Go ahead and look at your checks. Those numbers are at the bottom. The criminal set up a fake company with a bank account at another bank and configured it to accept ACH payments. He (or she) then simply made an ACH request to my client's bank using the routing and account numbers from her check. Boom. Money transferred. What? You don't believe that? Well, try it yourself. Ask for a friend's check. Then go to a site that will allow you to pay via ACH transfer. The IRS allows this for estimated tax payments. So do many states. So do many other private corporations and educational institutions. Ask for a $1 payment to be made from your friend's checking account and use the routing and account numbers from the check. Go ahead. See what happens. You now owe that friend a dollar. Let's get back to my client. She frantically called the bank's fraud department, and they are "investigating." Because she's diligent and caught the problem early she's probably going to get her money back from the bank. If more time had elapsed this could've been a bigger headache. But why did this even happen? Because banks have this big flaw in their payment systems, namely allowing anyone to make an ACH request and then honor it unless given a reason not to. The good news is that my client discovered — through conversations with the bank's fraud department — that her bank offers a service that will alert her of any ACH payment request in advance so that she can give her authorization to release it. That service costs $55 per month. Related: Why Are So Many People Still Eating Spam? The takeaway? First of all, make it a point to stop using paper checks. Also, call your bank right now and find out if it's possible for any stranger who has a copy of any past checks to initiate an ACH transfer just by using your routing and account numbers found on the check. Then find out what additional service the bank provides to control this. Go ahead and grumble, but pay for it. And keep checking your bank accounts a few times a week online just to make sure no other funny business happens. That's what my client is now doing. Talk about learning things the hard way. Entrepreneur Editors' Picks
|
How can someone steal money from your bank account
Related Posts
Copyright © 2024 en.idkuu.com Inc.
