8 Ways To Protect Yourself From Banking Scam

8 Ways To Protect Yourself From Banking Scam

by Sumaiya Minnat
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Banking scams have shocked the world many times. These scams were in the form of stealing financial information to taking out money from customers’ accounts. Even major banks like ANZ and Commonwealth Bank couldn’t escape these scams.

Protect Yourself From Banking Scam

The hackers are very smart today and they can beat even the latest security barrier of the bank to steal money. So, despite the bank’s security system, as a customer, it’s your responsibility too to protect yourself from banking scams.

Here are some steps you can take for protecting your bank account.


Review Your Accounts Regularly

You should go through your bank statement every month to check for any unusual transactions. If you notice something suspicious you must contact your bank immediately.

Change Account Passwords Frequently

Most of us use our debit and credit cards regularly to withdraw money from ATMs. These cards are password protected. You should change the passwords frequently so that the hackers cannot trace it. Also, make the password strong, and don’t share it with anyone. You can use multi-factor authentication; for example, along with your password, you can have facial recognition or fingerprint as the second factor. When you withdraw money from the ATM, make sure that no one is following you.

Do Online Transactions Carefully

Not all sites are safe. When you shop for anything online, make sure you are purchasing from a secured site. Most financial transactions take place online. So, do some research on the site before giving away your financial information. You must avoid using public Wi-Fi when doing online transactions. If you travel frequently and have to use public Wi-Fi, then get a Virtual Private Network (VPN) software so that the scammers cannot steal your information.

Learn About The Types Of Financial Scams

You should know the common forms of financial scams. Phishing, for example, is a type of scam where scammers send emails to customers posing as a bank. They will request your account information. Before giving any such information you must confirm with the bank about the email.

Dispose Of Financial Documents Carefully

You must dispose of documents containing sensitive information like account numbers and social security numbers carefully. You can use a paper shredder, for example.

Download Things Carefully

You should be careful when downloading files. If you notice any attachment in your email that you didn’t expect then avoid downloading it. You should avoid downloading ‘free’ movies or videos. Don’t click on unnecessary ads or pop-ups.

Keep Your Devices Protected

You should keep your mobile, tablet, laptop, and desktop updated with the latest operating system and browsers. The updates provide security fixes to protect your devices from hackers. You should install anti-virus software.

Know The Signs Of A Scam

By knowing the signs of a scam you can take action quickly. These include an account being suspended and a link being provided to unfreeze it; a text message requesting to verify your login name and password; or you need to send money somewhere to access your account.


Once a hacker steals your money, you won’t get it back. So, taking precautions is the key to protecting your money. You should remember that your bank will never ask for your username and password, debit card number or pin, social security number, or bank account number. You will not be asked to pay for a wire transfer for purchasing, The moment you find any issue with your account, you must contact your bank right away.

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