How to Protect Your Bank Account From Attacks
Key Takeaways
- Set up a passkey wherever your bank offers it.
- If passkeys are unavailable, create a long, unique, and complex password.
- Turn on multifactor authentication.
- Review your bank statements every month.
- Monitor transactions and account activity.
- Check which devices are logged in and remove any you do not recognize.
- Enable banking and transaction alerts.
- Never share your account or login information.
- If someone claims your bank account has suspicious activity, contact the bank directly using a trusted phone number or your online portal.
- If you ever experience fraud or identity theft, the Identity Theft Resource Center can help at no cost.
Protecting your bank account is one of the most important steps you can take to safeguard your financial identity. Cybercriminals are always searching for ways to access personal information and financial accounts. Banks continue to improve their security features, yet scammers often bypass technology by targeting people directly. With the right habits and tools in place, you can make your bank account significantly harder for hackers to access and help prevent identity theft.
Use a Passkey if Your Bank Supports It
Passkeys are becoming one of the strongest and most user-friendly security options available. A passkey replaces your password with a secure digital credential stored on your device. It cannot be guessed or phished, and it cannot be reused on another account. Many large financial institutions are beginning to support passkeys because they dramatically reduce the risk of unauthorized access.
Check your bank’s security settings to see if the option is available. Setting up a passkey usually takes only a few minutes. Once enabled, you can log in using your phone’s facial recognition, fingerprint or PIN. This adds convenience and improves security at the same time.
If your bank does not yet support passkeys, there are other options available to protect your information.
Create a Long, Unique and Complex Password
Your password should be unique to your bank account and should not appear on any other website. Password reuse is one of the most common reasons accounts get compromised. If one website suffers a data breach, identity criminals test the leaked credentials on other platforms, including banking platforms, to see where else they work.
The single most important action is to choose a password that is at least 12 characters long. It is the length of a password that makes it more difficult for a criminal to use a software tool or guess your login.
A mix of uppercase letters, lowercase letters, numbers and symbols adds strength. Avoid anything related to your personal life, such as the names of children, pets or sports teams. These details often appear on your social media profiles and can be easily guessed or scraped.
A password manager can help you generate and store strong passwords so you do not need to memorize them.
Turn on Multifactor Authentication
Multifactor authentication adds an extra step when you log in. You might enter a code from an app, approve a notification on your phone, or use a physical security key. This makes it much harder for a criminal to access your account even if they obtain your password.
Most banks offer several MFA options. The safest methods rely on an authentication app or a hardware key. Text message codes are better than nothing, but can be intercepted during SIM swap attacks. If your bank gives you choices, pick the most secure method available and enable it on every account and device you use.
Monitor Your Account Activity Regularly
Checking your accounts often is one of the easiest ways to catch unauthorized activity before it grows into a larger problem. Log in weekly to review your balance and recent transactions. Also, set time aside to review your monthly bank statements carefully. Cybercriminals often start with small test charges to see if anyone notices. Early monitoring allows you to report suspicious activity right away.
If you see anything unusual, contact your bank through a verified number listed on its official website or on the back of your debit or credit card. Your bank can freeze your account, reverse fraudulent transactions and guide you on the next steps.
Review Connected Devices and Active Sessions
Many financial institutions allow you to see which devices are logged in to your account. You can find this information under your security or account settings. Look for unfamiliar phones, tablets, computers or browser sessions. If you see something you do not recognize, disconnect it immediately.
This step is especially important if you use multiple devices or have logged in on a public computer. Removing old or unrecognized devices prevents unauthorized users from staying connected to your account.
Enable Banking and Transaction Alerts
Banks usually offer real-time alerts by email, text or mobile app. These alerts notify you about large purchases, failed login attempts, password changes, transfers and other activity. Turn on every alert available.
Alerts act like an early warning system. If someone tries to access your account, you will know right away. Quick action is often the difference between stopping a criminal and dealing with long-lasting financial damage.
Never Share Your Banking or Login Information
It may sound obvious, yet many people share sensitive account information without realizing they are doing it. Cybercriminals use convincing emails, phone calls and text messages to trick people into giving away bank account numbers, usernames, passwords or verification codes. They might claim to be from your bank’s fraud department. They might pretend to be a government agency or even a family member.
Your bank will never ask for your login credentials, passcodes or full account numbers through email or text. If you receive a message requesting this information, stop and verify before responding. It is almost always a scam.
Verify Suspicious Bank Contacts Before Responding
Scammers frequently call or text people claiming that suspicious activity has been detected on their account. They often sound professional and urgent. Their goal is to make you panic and hand over information quickly.
If you receive a message like this, do not respond directly. Instead, contact your bank using a trusted phone number or by logging in through the official mobile app or website. Banks expect customers to verify unexpected requests, and they will always understand if you need to confirm the message before taking action.
This simple habit prevents many account takeovers.
What Should You Do if Your Bank Account is Taken Over?
If you believe your bank account has been compromised, take action as soon as possible.
- Contact your bank immediately and report the incident.
- Change your bank login credentials from a secure device.
- Turn on multifactor authentication if it was not already activated.
- Review your account for unauthorized transactions and dispute them.
- Freeze your account or request a new card if needed.
Once you complete these steps, reach out to the Identity Theft Resource Center (ITRC). The ITRC provides free, expert guidance to help victims restore their identity and prevent further fraud. The process can feel overwhelming, especially if multiple accounts or personal information were exposed. A trained advisor can walk you through every step and create a custom recovery plan.
Why Do Cybercriminals Target Bank Accounts?
Bank accounts hold direct financial value, which makes them a top target for criminals. Cybercriminals attempt account takeovers for many reasons. They may want to transfer money, make purchases, open new credit accounts, or collect enough personal data to commit additional forms of identity theft. Some criminals sell login information on dark web marketplaces.
Understanding these motivations highlights why strong security matters. Every protective step you take reduces your risk. Even small habits, such as checking your bank statements or keeping your passwords private, create meaningful barriers.
Build a Strong Defense Against Banking Scams
Banking security is no longer something you set once and forget. Threats evolve, and scammers constantly develop new tactics. The good news is that most protective steps require only a few minutes to implement and can prevent lifelong consequences.
If something does go wrong and you find yourself the victim of a scam or identity theft incident, the ITRC is here to help. You can receive expert advice and a personalized recovery plan at no cost.
How much information are you putting out there? It’s probably too much. To help you stop sharing Too Much Information, sign up for the In the Loop.
