Is it possible for you to wake up one day and realize that the money in your bank account is gone? The answer is yes; money can disappear from your bank account without your authorization.
Many have lost their hard-earned money from the bank in that manner. The sad news is that it is always very difficult to recover such money.
Many think that fraud is the only way they can lose money from their bank account without their authorization. The fact is that there are some other reasons that make it possible for money to disappear from people’s accounts without their knowledge.
If you know that you’re not that rich and you may not have that extra cash to pursue a court case with the bank, the only opportunity you have to stay safe is by reading an article like this one very carefully. That will help you avoid being the main reason you lose your money.
Five Common Reasons Money Can Disappear From Your Bank Account And How to Prevent It
Below are common reasons why money can disappear from your bank account without your knowledge and how you can prevent it. They include;
1. Email and Phone Number Recycling
Contact recycling is something that is not peculiar to only phone numbers but also to email addresses.
Some email and phone service providers do have this policy that if an email address or phone number is inactive for about 3 to 6 months, the address will be recycled and assigned to a new user.
You may be wondering, How does that impact money in my bank account? The answer is that once this recycling and reassignment happens, the new owner will now be able to receive your subsequent messages.
What that means is that if such an email or phone number is connected to your bank account, the new owner now has the power to reset your online banking information or implement transactions depending on the existing security posture of your account.
All they have to do is carry out little OSINT research about the old user, which they can achieve using the little pieces of information they will gather from subsequent messages they will receive on your behalf.
The case of phone number recycling is always common with people living in the diaspora, which leaves their phone contact back home inactive for a long time. This makes your bank account vulnerable if such a contact is attached to it.
For email address recycling, there are a few email providers that recycle usernames of deactivated or deleted email accounts. Therefore, you should take note of them if you use them. They include:
Yahoo Mail: Yahoo Mail recycles usernames after 12 months of inactivity.
Outlook.com: Outlook.com recycles usernames after 6 months of inactivity.
AOL Mail: AOL Mail recycles usernames after 3 months of inactivity.
ProtonMail: ProtonMail does not recycle usernames.
Gmail: Gmail does not recycle usernames.
There is one way you can prevent losing money in your bank account through this means, and that is by making sure your contact information is always updated with your bank.
2. Reoccurring Online Charges or Leaked Card Details
Another reason money disappears from your bank account without your authorization is due to recurring online charges or leaked card details.
Whenever you make a payment online using your credit or debit card, it is important to check the app or website settings to see if your card details were saved for future use or were deleted immediately after payment.
Many websites or applications store your card details after the first payment. Sometimes they may notify or inform you before doing so, but not on most occasions.
Failing to clear your track well after online payment does not only expose you to recurring charges, but it can also expose your card details to the dark web if the platform you used is hacked. That makes your bank account more vulnerable and increases the chances of money disappearing from it.
To prevent this from happening, you will have to always clear your track after every online payment. That you can do by going to the website or app settings and removing your card details.
Another way you can prevent this is by having a dedicated bank account that you use for your online transactions and making money available on it only when you want to fulfill a payment.
3. Weak Banking Passwords and PINs
Managing and keeping up with passwords is something that is challenging for some people.
Because of this, some people may decide to use a similar password they used for their bank on other online platforms. This will make it easy that when those platforms they used the password on are hacked, their bank account will also be in danger of being hacked too. Password reuse is a bad security habit.
People also, for the same reason, make their password or PIN simple so that they can easily remember them. Some might also use the first, last or middle four digit of their phone number as PIN
One danger of using a weak password is that it makes your first factor of authentication irrelevant and easy to guess, leaving you with only one factor of authentication, which may be your OTP or PIN.
This solely depends on your account security posture. In the case where you do not have 2FA enabled, then your account is already vulnerable.
To prevent this, avoid using common dictionary words or part of your name as a password and part of your phone number or date of birth as an ATM card PIN. Also, avoid password reuse, enable multi-factor authentication (MFA), and learn to change your password at least once a year.
Related Post: How Your Bank Account is Hacked-Common Tricks
4. Spyware
Your bank account becomes very vulnerable when your device is infected with spyware. This will make it easy for your OTP and password to be stolen. With spyware on your device, it can be used to monitor your device remotely and track your online activities.
If you are someone who uses roadside software technicians to install apps on your phone, allows people to set up your new phones for you, or likes buying pre-owned phone devices,.
Also, if you are someone who loves charging your phones or devices using other people’s chargers or on any changing station you find, there is a great chance of you falling victim to spyware.
Another way you can get infected with spyware is through public WiFi. If you are someone who likes free WiFi, then your device getting infected with spyware is possible.
Having spyware on your phone or laptop you use to access your bank is one reason why money may disappear from your bank account without you knowing it.
One way you can prevent this is by avoiding the possible ways spyware gets into your device. That includes also getting your applications from vendor-certified app stores and being mindful of whom you give your device to.
There is a comprehensive post here of spyware and how you can detect spyware on your phone.
5. Internal Bank Staff Malicious Activity
Internal bank staff malicious activity is another way money can disappear from your bank account.
This mostly happens when you leave your bank account unattended for a very long time with no notification alert enabled. Malicious bank staff take advantage of low customer activity on their accounts to determine how long it will take for their malicious activity to be detected.
One way to prevent this is by keeping an eye on your bank account by carrying out intermittent transactions and enabling notification alerts.
Remember, malicious activity by internal bank staff is not only peculiar to those who do not always use their bank accounts. It can also happen to regular users, but paying attention to your account will help you discover it when it happens.
This kind of reason becomes very difficult to resolve when the bank staff uses a third-party agent to carry out this malicious act.
Knowing how you share your confidential bank details with the bank staff is very vital. Don’t overtrust bank staff; if they help you set up your password, try to reset it when you get home.
These five reasons are not the only ways money can disappear from your bank account. There are other reasons that cause money to leave your account without your authorization, like bank charges, maintenance fees, and transaction interests.
If you have fallen victim to money loss from your account without your authorization, reach out to the Confamtips team to guide you on easy ways to go about recovering it.
