Last Updated on October 10, 2022
Bank frauds are becoming rampant, and you can’t curb them all at once. Does the question remain what happens if someone has your account number? The truth is that many things happen, which you will figure out below. As secure as your bank might boast of being, fraudsters still manage certain loopholes to burst through your bank account. This isn’t at all interesting, right?
But as an account owner, what happens if someone has your account number could all depend on you. That is, if you’re conscious at all times and careful, this may not be a cause to worry about.
The question of ‘what happens if someone has your account number’ bears a two-way concern. For instance, the first is that it is near impossible for transactions to take place without your account number. Secondly, you do not know to whom you’re disposing of your bank account number too. This insinuates that even your relative might want to meander with the security of your bank account number. However, in this article, I’ll state what happens if someone has your account number or what is likely to happen.
Let’s have some moments together to sort the problems and issue solutions. You know, here, we don’t just mention problems but proffer solutions.
Is Issuing Bank Account Number Safe at All?
When issues such as this arise, the next step is to ask questions and create problem-solving answers. This is precisely the first bothering question to amend what happens if someone has your account number.
To the question, issuing your bank account number to just anyone isn’t ‘wholly’ safe. The worst scenario is when you attach other vital or near-vital details of your bank account. For example:
- Your bank ID
- The Email registered to that account
- Driver’s License
- Or anything that looks like your account passcode.
I will only answer this question from a ‘secure’ or ‘self-conscious’ perspective. I do not wish to respond by assumption or hasty conclusion that it is ‘safe to’ or ‘not to.’
Safety is the surety of what happens if someone has your account number. By ‘surety,’ I inform you that almost nothing happens if you issue or eventually issue your account number. Elaborately, it doesn’t even matter whom you give this to – stranger or no stranger, child or adult, old or young.
On the other hand, issuing a chequebook can be a compromise, and this is due to the details available on chequebooks. In this sense, we can say that what happens if someone has your account number can be tragic. Let’s look at some of them and see what we can do to correct the situation permanently.
6 Ugly Things that Happen if Someone Has Your Account Number
Even though there are technological advancements in the banking sector’s security fields, some things are still wrong. These wrong things that fraudsters always take advantage of, and we call them ‘loopholes.’ The fraudsters, on the other end, also advance, thereby growing together with the security advancements. I know you expect the bank to fix such holes in no time, but specific merits accompany them. It is also on this ground that the safety of your bank account is in your own hands.
I will tell you what happens if someone has your account number, which is in my experience. I may have been careless but not stupid, which means that a slight mistake from you can cost you.
Here are five ugly examples of what happens if someone has your account number in possession.
Online Shopping Spree with Demand Draft
Still, on what happens if someone has your account number, the internet market serves as a lousy powerhouse. Lots of online transactions require fewer login details to authenticate a transaction. This is precisely how people can hack a bank account with just an account number.
For instance, Amazon is near easy for a fraudster who patiently trails you to breach your account. This ugly thing is frequent if you issue your account number through checking.
It’s doom when the fraudster can get hold of or formulate your details like your driver’s license. With their available payment option, the likes of Amazon allow checking account payment, and it is easy to achieve this. Things the wrong person with your account number needs are:
- Bank routing number (available on chequebook)
- Your name and address
- Driver’s license number
If he gets this, which isn’t going to be easy unless you’re careless, that’s the end. He will add your account as a checking account to Amazon and buy heaven and earth. Don’t suspect Amazon alone because there are several other sites with even more vulnerable payment systems.
What to Do
There are things you could do to thwart this lousy attempt. For instance, your driver’s license is essential to your financial security, and you should do well to keep this safe.
Secondly, be mindful of giving out your account number and other security details, even your relatives.
Illegal Cash Deposits
Whenever we receive a deposit, smiles flash on our faces, but the intention is not to take the real money. The happiness is that the sender might leave you with some pay for returning the money. However, this may not be the case at all times. Many ugly things may be surrounding the deposit, although it appears innocent.
In this case, Laundered money may be sent to you in the form of ‘clean cash.’ For example, rewards, electronic lending, charity funds, a wrong recipient transfer, etc. When this money gets to you, the launderer will contact you to promise to pay you for your honesty. You will, of course, be happy and immediately do as he instructs.
However, the ‘Dirty Money’ is traced to your account when an investigation comes up. Guess what? You’ll suffer what you know absolutely nothing about!
What to Do
- Contact your bank as soon as you receive any unexpected credit to your account.
- Be mindful of the places or platforms you post your bank account number.
- Do not delay in informing your bank about the transaction.
The essence of avoiding delay is to register yourself on the safe side, should the transaction be rooted in illegality.
Your account number can make your bank account vulnerable. Let me state an incident that occurred with my cousin. After he suffered a house robbery, the robbers parted with his wallet. And in his wallet, he had his bank details, including his account number. After that, the following events weren’t suitable. The robbers left his account details at another victim’s apartment, and they used it to trace him. He spent some cash, although the investigation proved that he was innocent.
In a scenario such as this, you can see that it isn’t safe when your account number is outside. On this note, what happens if someone has your account number is more than just losing money to fraud. Your account number is with someone who exposes you to being a victim of a crime you know nothing about. You’re, however, advised to be conscious of not just your environment but your account number and details.
What to Do
Although everyone is vulnerable to this account number exposure incident, it can be escaped. On this note, banks urge you to be as careful and as conscious as you can. Here is what you should do.
- Do not write down your account number just anywhere or anything.
- Immediately report any ugly incident that concerns your account number and bank account.
Concerning what happens if someone has your account number, ACH transfer is one of the ugly things. This, however, requires some of your details like the address and driver’s license. It is also a terrible act that works on checking bank accounts. This means that whenever you write out checks, especially to strangers, the chances of facing account vulnerability are high. This is possible due to the details present on a chequebook. For example, details like your routing number, cheque number, and account name could be used for online purchases.
Do you know what ACH transfer is? Let me explain it. ACH (Automated Clearing House) is an electronic-based bank transfer. It is processed by a network called the ‘Clearing House Network,’ It works on websites like Amazon.
How does this work?
Someone that has your account number further needs your routing number. The wrong person with your account number eventually performs online transactions on certain websites with your routing number.
What to Do
- Ensure that your routing number is kept safe.
- If you have frequent check transactions, create a new account for yourself. Store your fortune and only provide the meagre account number to people.
- After every issued check, monitor your account statements.
The chequebook you have is a safe way for business transactions. But, it may always be compromised. If your chequebook lands in the wrong hands, it can be counterfeited, and the amount changed.
During the counterfeiting, the fraudster is careful to position all check details correctly. However, the print ink is magnetic and will most likely alter the falsification of a cheque transaction. But then, the check name could be changed, and the person will proceed to draw out your money.
How to Prevent Chequebook Counterfeiting
There are various ways that bad people could use to breach your account with cheque Counterfeiting. While some use select printers, others use advanced tech systems to create average magnetic inks on the cheque. However, you can dodge this problem by only having a meagre account for cheque transactions.
Other things to do are:
- Do not issue cheques to untrusted persons.
- Monitor your bank account very closely after every cheque issuance until transactions are completed.
A bank log is a typical fraudulent activity that requires the bank logins of a person. Criminals may be able to generate your back information from your account number. The more challenging and most vital information to develop is your PIN. Since the fraudster cannot get your PIN, they resort to phishing.
Phishing can be through text messaging, WhatsApp messaging, Messenger, etc. The phisher pretends to be a representative from the bank and would write out your account number to convince you to believe they are from the bank.
Typically, the phisher claims you have problems with your bank account that needs to be fixed; otherwise, the account would be compromised. They may also tell you your name and email address to convince you further.
Finally, they request your PIN with excuses to log in to your account from their end to sort out the problem. When they succeed in obtaining your account PIN and email address probably, they sell them on the dark web or cash out to a bank drop.
Note that this scam is targeted at older adults from 70; they are vulnerable to fraud.
What You Can Do
Never give your bank logins to unknown persons that claim to message or call from your bank. If your bank needs you, they will ask you to visit the nearest branch and not request your bank details.
Should I Give My Account Number to Someone?
Yes, you can give your bank account number to someone, but only to someone you trust or that is relevant. If anybody requests your PIN, it is a sign that they are a scammer. Make sure not to publish your account number on social pages unnecessarily.
Many things can happen if someone has your account number. It becomes worse when it is in the hands of online scammers or local yahoo boys. Whichever one happens, make sure you don’t drop your account number randomly for people.