Can Savings Accounts Get Hacked?

No, if you are aware of security measures with bank account details, you will never get hacked by anonymous.

Can Savings Accounts Get Hacked?

Digital banking has transformed the banking industry by allowing faster and more comfortable transactions. But many customers continue to assume that digital banking is unsafe. Most cybercriminals aim for money. And for many, gaining access to an online savings account is the ultimate prize. Users must take action to stop the criminal from doing more harm if they have observed any unusual activity or act on their internet bank account.

From this article, you may get an idea of;

  • How Can Users Prevent Hacks on Their Bank Accounts?
  • Security Measures from the Bank
  • The Possibility of Hacking a Bank Account
  • An Organized Cyberattack Targets Seven UK Banks

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How Can Users Prevent Hacks on Their Bank Accounts?

Users may lower the danger of bank fraud in a variety of ways:

  • Keep the card in view when purchasing to keep personal cards and financial information secure. As soon as new cards are sent, sign them, then cut through the chip and magnetic sensor on old cards to discard them. When you are finished with them, shred all financial records with a shredder to ensure their safety.
  • Secure the PIN by writing it down and then destroying the letter that was delivered to you with it. The user should only know a PIN and should not be visible to anybody else when they use an ATM. Set the pin to an arbitrary value.
  • Never click a link in a text message or email; instead, only enter the website URL into the web browser to access any online banking site.
  • Develop complex passwords, use unique ones for each domain, and never exchange and update them. To achieve this, use a credential management program.
  • Embrace two-factor authentication; it’s an easy method to increase security in a straightforward step. Use it on any website that provides it.
  • Assess the account privacy options. All social media platforms have various safety options, including two-factor authentication, secure surfing, and log-in alerts. Turn on all security settings and verify these options.
  • It’s common for passwords to be hacked by deceiving customers into sharing them by sending those phony emails or messages, so use caution while clicking or installing. The same goes for opening links or attachments containing harmful malware. Proceed with the utmost caution when accessing or downloading internet attachments or links online.

If customers are getting afraid, can savings accounts get hacked? Aside from the above technologies, banks also use the following:

  • Intrusion detection systems and firewalls are used to safeguard servers and information management.
  • Password security features include the inability to reuse the prior three passwords, ATM verification, OTP confirmation, pre-enrolment with an ATM, and signature authorization.
  • Email verification or notification

Security Measures from the Bank

Above are the basic guidelines that all institutions adhere to. Furthermore, some institutions are going over and above by enhancing digital banking security with extra technological infrastructure. Among these security features are:

  • IPIN protection:

The system creates an IPIN sent to the user through tamper-resistant media. Nobody, not even the system administrator, has access to it.

  • Session timeout:

If a user’s internet domain remains inactive for an extended period, that will automatically log them out.

  • Certificate of authenticity:

A certificate authority identifies the bank’s server’s webpage, assuring consumers they are on the right site. Users are thus protected from disclosing sensitive information on erroneous or fraudulent websites.

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  • Instant-alerts:

After registering, customers will immediately receive a text message or email for certain transaction denominations or when they add beneficiaries.

  • Security measures:

Installed are firewalls, intrusion detection systems, intrusion prevention systems, and anti-malware systems.

This gives visual indicators: a green address indicates a legitimate website, whereas a red bar indicates a dangerous website.

  • The spending limit on the internet:

Some banks enable customers to establish a transaction limit or a daily limit on savings. This reduces the danger of vulnerability.

The Possibility of Hacking a Bank Account

There is a 1% possibility of hacking a savings account in the UK. If it happens, any money taken from customers due to identity theft and fraudulent activity should be refunded by their bank.

After customers report the issue, they must take this action immediately, by the end of the next business day.

The bank may withhold the return while investigating if it suspects fraud or carelessness on the clients’ part; this may not take more than a few days.

The bank is unlikely to reimburse the money if a criminal duped clients into moving the money into another account.

Users can only recover their money if the thief is brought to justice and if the bank refuses to reimburse it.

An Organized Cyberattack Targets Seven UK Banks

Following a cyberattack the year before using software that can be hired for as little as £11, seven of the largest UK banks, including Santander, Royal Bank of Scotland, and Tesco Bank, were compelled to curtail functions or shut down computer networks, as reported by the National Crime Agency.

Following an international police probe to take down Webstresser, a platform used by hackers to perform so-called DDOS (distributed denial of service) assaults that overwhelm and damage computing networks with enormous amounts of internet traffic, the NCA stated that the assaults had cost the institutions tens of thousands of pounds.

However, the NCA has taken down a big criminal website and dismantled the organized crime ring that ran it.

Bottom Line

If you are struggling with the question of whether can savings accounts get hacked, the simple answer is no, and if you are aware of security measures with bank account details, you will never get hacked by anonymous. Clients may have heard about illegal internet banking in the past, but banks have lifted the bar on security procedures. These upgraded security elements help customers feel safer and more assured when doing online transactions on their savings accounts.

If you are worried about your bank and savings accounts then check out our other article on ‘Are Online Savings Accounts Safe?‘ to find out more.

Are Online Savings Accounts Safe?

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