What to do if your bank account is hacked

What to do if your bank account has been hacked

1. Freeze or block your card. Many mobile banking apps and Internet banking portals have a card-freezing feature which allows you to temporarily freeze or block your debit card from making transactions. If you can do this with your account, do this right away to prevent any further purchases by the hacker.
2. Notify the bank. Call your bank and tell them you suspect your account has been hacked. If you haven't already done so, they'll be able to freeze your account to prevent further purchases.
3. Block pending transactions. The bank may also be able to block any purchases that are still pending, so check your transaction history for pending purchases made by the hacker.
4. Check your other accounts. It's a good idea to check your other accounts if you have any (e.g. joint bank accounts, credit cards) to make sure these haven't been hacked as well. For extra safety, update your account passwords and/or PINs.

How will you know if you’ve been hacked?

Strange purchases that appear on your bank statement may be the first clue that a hacker has got into your account. Make a habit of checking your transaction history regularly in your mobile banking app, or read your bank statements.

Sometimes the people that steal your card will make seemingly insignificant purchases to test and see if your card works before going to larger transactions. So make sure you don't disregard any small transactions that you don't remember making - these could be by a hacker.

For larger purchases, your bank may notify you of suspicious activity and automatically cancel fraudulent charges.

Will you get your money back if your bank account was hacked?

There is no guarantee that you will get your money back. You're more likely to get it back if you can prove you weren't in any way at fault and didn't authorise the transaction.

However, if you've been careless with your account, or fallen for an online scam where you authorised the transaction yourself, you may not be eligible for a refund.

If you were not at fault and you inform the bank right away when you notice the money missing you do have a good chance of getting it back.

My bank account was hacked

"A few years ago I noticed in my mobile banking app that someone had made a $3,000 transaction from my account. The transaction was for a dress shop that I had never visited.

I called my bank right away and they were able to block the transaction and send the money back to me. Luckily I saw the transaction while it was still pending, otherwise it would have been harder for the bank to reverse the transaction. Now I check my bank transaction history every few days as a habit."

Alison Banney

Editorial Manager, Money

Ensure your account is not vulnerable

Some browsers and devices offer to "remember" your password so you don't need to type it each time you log in. That's convenient, but if malware gets onto your device or someone else gets hold of it, saved logins can make it easier for them to get into your bank account, often without you noticing straight away.

For this reason, it’s best not to save your banking password in your browser. Instead, use a unique password for your bank account (a password manager can help you create and store strong passwords), never share your passwords, PINs or one-time passcodes, and turn on multi-factor authentication or your banking app's fingerprint or face sign-in where it's offered. Keeping your device's software and apps up to date also helps protect you from malware.

If you've been hacked, it's also a good idea to change all your online passwords and login details, and also your PIN for your mobile banking app and debit card.

Beware of social engineering

Email software is pretty good at getting rid of spam the majority of the time, however, you may see something that resembles an official bank email that asks you to go to the bank's website to confirm your information. In reality, this could be a scam and the hacker has designed a site that mimics your bank's website. If something like this happens to you, don't enter your details such as a password unless you're sure it's a secure website.

Don't rely on a website looking genuine, because scam sites can copy a bank's branding closely. The safest option is never to log in through a link in an email or text message: type your bank's web address into your browser or use its official app instead.

Similarly, you should never respond to a text message claiming to be from your bank asking you to click on a link or provide your bank account details. If you're ever not sure, the best thing to do is call your bank on the number on the back of your card or on its official website and check if the message is from them.

Finder survey: Which age groups experience the most card fraud in Australia?

Expert insight

"If you notice any errors or suspicious activity or believe you have become a victim of identity theft, you should make a report with the Australian Cyber Security Centre... Your report will be directly referred to the appropriate state or territory law enforcement agency."

George Andreopoulos

Argus Investigations

⚠️ Visit the Australian Cyber Security Centre website to report an issue now.

Have you been hacked while overseas?

If you believe you have fraudulent transactions on your debit card – whether the transactions came from overseas, or you're currently overseas – you will definitely need to block the card and lodge a dispute investigation. Before you go on holiday, it's always handy to have a list of phone numbers on hand in case of issues like this. Otherwise, you'll find your bank's number on the back of your card or on its official website or app. If your bank finds the transaction to be fraudulent, it will most likely refund the money.

Before you go overseas make sure to let your bank know what country you'll be in and when, so they can keep an eye on any suspicious transactions that are made elsewhere.

Frequently Asked Questions

• Do banks try to prevent your account being hacked?

  Yes. Since banks are constantly under attack, they constantly need to improve every aspect of their security so they have the latest software designed to protect you and your money. Rest assured, banks are constantly improving their systems for detecting and dealing with these problems.

• What's the very first thing to do if my account has been hacked?

  The first thing to do if your account has been hacked is to freeze or block your account by calling your bank.

Written by

Alison Banney

Editorial Manager, Money

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise

Alison has written 572 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living