Things Someone Can Do with Your Bank Details {Read and Learn}

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Last Updated on January 25, 2021 by Mikebush The Rich Lazy Asshole

Are you having a chat with someone and have this feeling that you are chatting with a scammer? A step further, the person is asking for your bank account number, and you are getting worried that they might want to run some shady things with your bank account number? The common question faced by people in this category is asking, “what can a scammer do with my bank number?” In this article, I will show you some of the things a scammer can do with your bank details.

If I give a scammer my bank account number, one of the things a scammer can use my bank account number for is to commit identity theft. It is one of the most common things scammers use your information for. Not just identity theft, there are others like phishing, money laundering, fake check overdraft, and many other bank frauds that can happen.

Now you are aware of why a scammer is asking for your bank details, let’s consider some of the things that scammers can use your bank account number for.

Seven Things that can happen if someone has your Bank Account Number

 

Things a scammer can do with your bank account number

 

Safe Haven for Stolen Money

Typically, a scammer is looking for a haven to keep his loot before passing it on to his final destination. One of the many reasons why he can’t use his bank details is to avoid the process of getting caught.

In such a situation, the scammer is looking for a bank account number to use and rest his loot. He approaches you online or anywhere on the internet and requests your account number. Once you give him the details, he can pass it on to another victim, who pays into your account.  It is a win-win situation for the scammer since he has nothing to lose. If the first victim wants to complain, the real account owner is the person to be arrested.

If the scammer sends the money into your account and you decide to do away with the money, the scammer would alert the authorities, and that’s the end. You enter into investigation and the rigorous process that comes along with being interrogated.

Use your bank account information for scams

This is quite similar to the first point, just that this time, they use your information to commit a crime in your name by creating a fake ID. These scams might involve smuggling illegal money into your account using your bank information.

Same way as the first point; if it happens, you could find yourself being investigated by the law enforcement agents in your country where you may find it hard to prove that you are innocent.

Identity Theft

In certain situations, your bank account details might be used to register on several websites on the internet. This is one of the major things you should consider for those asking, “what can a scammer do with my bank account.”

Identity theft is a situation when a scammer or a fraudster decides to use your identity as a means to obtain credit, financial advantage, or other benefits in your name. In most cases, it would come as a loss to you. You can read more about identity theft and how to avoid being a victim.

Once the scammer gets enough information about your bank account, they could take out unsecured loans. The moment they receive the money, they are gone, and you are left to deal with the aftermath.

In most cases, you would pay the loan back, except you can prove that the situation is a case of identity theft. This would even cause you more time and stress.

Phishing Scams

You might get calls or emails from someone claiming to be working with a bank or a credit card issuer, asking you to update your information online; this is called a phishing scam.

It revolves around taking you to a dummy website that looks like that of your bank. Once you input your real details, the scammer collects them at the bank end of the dummy website and then gain access to your bank account. In most cases, they make withdrawals or use the information to deposit and withdraw money without your consent.

Sell your details

So for those asking, “what can a scammer do with my bank account number”? Just bear in mind that there are experienced hackers who are willing to pay a dime to get hold of account details that matches their specifications.

So what can someone do with my bank details?

They will sell it to these hackers, and I guess you know the result of such sales. Bank details are usually sold on social media and the dark web.

Carding

If you know nothing about carding, see my tutorial on carding for beginners. A scammer can use your credit card and account information to move money from your bank account within a few minutes.

Carding can be used up buy gift card, book accommodation on Airbnb, order items on Amazon, Nike, Apple Store, etc. Your card details can also be used with mobile wallets such as Cash App, Venmo, And PayPal to withdraw money from your bank account. A scammer requires the CVV, card number, and the expiry date on your credit card to succeed.

They may have difficulties bypassing the OTP sent for verifications, but OTP can be bypassed using sophisticated software.

Bank Logging

Your bank account information can be the bank logins known as bank logs to a scammer. The details are used to log into your bank account, and move your funds to another account, typically the bank drop. Your funds can also be moved to a mobile wallet or used to bet on odds with smaller odds and high chances of a positive outcome.

If the scammer is not okay using your bank logins, they can sell it to willing buyers on carding forums on both the surface, deep and dark web.

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How can a Scammer Get your Bank Account Details?

There are several ways a scammer can use to gain knowledge of your bank account number and other relevant details. In this section, we will be going into details and exploring the options.

Mail Interception

Your email log can get intercepted, and a scammer would get hold of your bank account number and other important information. If you have a transaction you intend to complete, they might go ahead and help you complete it without your notice.

In other cases, the scammer might set up a mail redirection without your knowledge. Your data, such as your SSN, utility bills, etc., can also be stolen.

Data Breach

This isn’t your fault, and it rarely happens. In situations when you make transactions, payments, or make payment online, your information can be accessed if it falls into the wrong hand.

Several financial companies experience a data breach, so it isn’t something out of the extraordinary. You have no control over the next line of action if your financial institution experiences a data breach. They always do fix it themselves, even without you being aware.

Social Media Interaction

One of the popular ways scammers get hold of your bank information is via social interactions. I guess you might have come across people holding “giveaways” online. Giveaways mean “giving out money to interested participants.”

In this situation, you are asked to drop your bank account information, and a certain amount would be paid to your bank. After dropping your account number, a scammer picks it up and does whatever he wants with your details.

In extreme situations, the scammers interact with you to find out certain information about yourself like;

  • Your pet’s name
  • Uncle’s name
  • Name of your first school
  • Your uncle’s last name

Getting this information from you in a deceitful way is called “Social engineering” to make his phishing process seamless. There are other formats for scamming that can also be used.

Pharming

Unlike phishing, pharming is the use of a phishing website to steal your card information. Typically, the fake website is concealed as an e-commerce site where you can select and order items online.

When you enter your card information, you are redirected to a fake site designed as your card provider’s site. The site collects and stores your information on the hosting of the scammer; the scammer retrieves the details and withdraws money from your bank account.

Carding Forums

Your bank information may be available for sale at carding forums even as you are reading this article. If the bank revealed the number of failed brute force attack on your bank account, you would stop keeping money with the banks.

If you use strong passwords, it mitigates the possibility of losing your account to a scammer, because a stronger password is tougher to crack.

What if you find your bank details for sale on a carding forum or any dark website? If the details include your email address, change the email address of your bank account immediately. If the scammer finds a way to access your email account, then you lose the funds in your bank account.

Conclusion

So, if you are still asking, “what can a scammer do with my bank account” just bear in mind that there are other ways to get money out of your bank account just by having access to your bank details.

If the person requesting your bank details isn’t paying you money for a service delivered or a family, then don’t hand over your personal information.

Finally, if someone ever has hands on your bank details, make sure to act fast. Otherwise, you may find your credit score become bad. Just in case your credit score becomes bad, you can change your credit score illegally.

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  1. Clever Phandrick
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