What to do if your bank account is hacked

If you notice any strange or unusual activity on your bank statement, freeze your card and notify your bank immediately.

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 you 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 ready 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.

Alison Banney's headshot
My back 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."

Editorial Manager, Money

Ensure your account is not vulnerable

Most banking websites allow you to activate a feature called "remember your password" when you log in via the Internet. You can then skip several layers of security the next time you log in since the bank recognises your computer’s IPv4 address - a unique identifier for each Internet connection.

But malware is a tool that hackers use to imitate your IPv4 address so they can gain access to your bank account. Often you don't even know that they have control over your bank account. For this reason, it’s best to disable the “remember your password” feature.

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.

You can often verify a website's validity since the Internet monitors the security certificate of that said website, so your mind can be at ease.

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 cal you bank and check if the message is from them.

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

Response
Gen Z
Gen Y
Gen X
Baby Boomers
No - I have never experienced card fraud53.93%58.97%59.21%58.24%
Yes - on my debit card22.47%13.86%10.86%8.24%
Yes - on my credit card20.22%21.2%26.32%31.53%
Yes - on both a debit card and a credit card3.37%5.98%3.62%1.99%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023
George Andreopoulos's headshot
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, a simple Google search should be able to find you the right number. If your bank finds the transaction to be fraudulent, it will most likely refund the money.

Before you go overseas make sure to let you 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

Alison Banney's headshot
Written by

Editorial Manager, Money

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 638 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living

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6 Responses

    Default Gravatar
    BethOctober 31, 2022

    Hi Alison I was hacked in 2020 my bank AMP said they won’t give me my 9,999 00 back.
    What can I do?

      AvatarFinder
      AlisonNovember 11, 2022Finder

      Hi Beth,

      Sorry to hear that you’re a victim of hacking. It would be best to contact your bank to know the reason why your claim is denied. It would also help to read their terms and conditions.

      Thanks,
      Alison

    Default Gravatar
    MikeOctober 19, 2021

    somehow someone gained access to my bank account has made 3 unauthorized and fraudulent Osko transactions, of course it is after banking hours, ive made contact, changed my details and had the account blocked. But now I am left to wait and stay up all night fearing the absolute worst……is there anything else i can do, have i lost all the money, can i get it back or is it gone.

      AvatarFinder
      AlisonOctober 24, 2021Finder

      Hi Mike,

      We are very sorry to hear about the ordeal you’ve gone through. You’ve done the right thing by contacting your bank and blocking the account right away.

      Banks will generally be liable to recover your lost money if you can prove that the unauthorised transaction didn’t occur because of an error on your part. For example, if you haven’t kept your account PIN and passwords secure the bank might not be liable to recover your money. You’ll need to work with your bank directly on this.

      In the meantime, we recommend changing your passwords and PINs for any other accounts you have open, just in case.

      Thanks, and we hope you’re able to get your money back.
      Alison

    Default Gravatar
    SowjanyaApril 6, 2017

    Is money get back in your account after hacking?

      AvatarFinder
      HaroldApril 6, 2017Finder

      Hi Sowjanya,

      Thank you for your inquiry.

      Typically, if a hacker steals any funds from a bank, the bank is liable to pay the money back to the customer. The customer will never lose money. If you experienced a hacking issue please coordinate immediately with your bank provider to settle your concern.

      I hope this information has helped.

      Cheers,
      Harold

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