How Do Thieves Steal Money from Bank Accounts?

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Last Updated on January 22, 2021 by Mikebush The Rich Lazy Asshole

Do thieves still steal money from bank accounts? How do thieves steal money from bank accounts? Thieves can steal from your bank account, but only when your bank login details have been compromised.

How do thieves steal money from bank accounts

According to, almost $667 million was lost to scams in 2019. So, bank account theft is very well active, and people around the world are falling victims daily.

Your credit card happens to be the primary target for criminals. Once they collect the information on your credit or debit card, they either sell on the dark web or withdraw from your bank account.

In this article, I disclose the major methods thieves can use to steal money from bank accounts.

Below are the ways thieves steal money from bank accounts:

  1. Keylogging

Keylogging is still a thing, and it works when criminal access your computer. They install keylogger software on your computer, which records keystrokes regarding your bank accounts.

So, if you log in to your bank account while the keylogger is installed on your computer, your login details are recorded in the form of keystrokes.

Some of the keylogger software include Spyrix, BlackBox, KidLogger, Actual Keylogger, and REFOG. Also, the criminal requires access to your computer again to retrieve the logged data. But some premium keyloggers can send the logs using the internet.

Make sure to check your computer for suspicious apps/software regularly, and do not give out your computer to strangers for whatsoever reason.

  1. Phishing

A publication on ResearchGate mentions that phishers cost US consumers $1.2 billion in 2018. This stat entails that a decent number of US residents still fall victim to common email scams daily. The criminal will send phishing emails that typically lead to your bank’s website. When you enter the login details of your bank account, it is stored in a folder in the hosting account of the hacker.

Money stolen from bank account will I get it back

Your bank will not call to request the details of your bank account. Do not disclose your PIN to anyone, regardless of their reasons.

  1. Pharming

Unlike phishing, pharming involves the use of a phishing website to collect card information. Typically, when you visit an e-store to buy an item, they will request your CVV, card number, and card expiry date. Now, the pharming site will store the details and use it to attempt buying stuff online with your account or sell the information.

Somehow, thieves would be unable to buy with your credit or debit card because it will request the OTP (One-time Password).

Nevertheless, a thief can shop online without OTP, though on rare occasions.

If a website is not trusted, do not buy from them. Also, check whether the site of authentic on platforms such as Trustpilot.

  1. SIM Hijacking

SIM hijacking is also called SIM swapping, and it happens when a thief contacts your mobile operator with forged documents to obtain a duplicate SIM card without your knowledge.

Since the thief is now in possession of your card, they can buy anything online because most online stores do not request card PIN for authentication. Of course, they may request OTP, but the thief will still gain access to the OTP because they have your SIM card.

If your SIM card becomes inactive suddenly, contact your service provider immediately. It could be that the network is down or that a criminal swapped your SIM card recently using forged documents in your name. Typically, SIM swap fraud is perpetrated by close pals.

  1. Fake Banking App

If you download a banking app that is not official from your bank, you risk exposing your bank details to criminals.

Also, you can compromise your bank account if you do not update your banking app because the older version could be vulnerable to attacks while the newer version has been patched to keep attackers away.

Make sure to download the official bank app from trusted app stores such as Google Play Store, Apple App store, etc.

  1. Carding Method

Carding is a common method thieves use to steal from bank accounts. A person into carding is known as a carder, and he might need the assistance of an accomplice known as a picker and sometimes a money mule.

What can a scammer do with my bank account number

Some of the carding methods are Amazon carding, Nike carding, PayPal carding, MoneyGram carding, Venmo carding, Cash App carding, etc.

Carders usually target Visa credit cards (known in carding as CC) that are non-verified to avoid OTP. It would be best to read my article on carding for beginners to understand this method thieves can use to steal from bank accounts.

The simple solution is to avoid giving out your card details.

  1. Stolen Cards

If a credit or a debit card is missing, it could be in the hands of a thief. The thief will use the card information to withdraw money from the bank account and get away with it.

If your card is missing, use your bank app to block the card or contact your bank to disable it. You may then request a new card from the bank to use for transactions.

  1. Vishing

Vishing is different from phishing; instead of using emails, the thief uses phone calls or voice messages, typically claiming to message from your bank or a reputable financial institution.

Note that no government or non-government institution will call to request the details of your bank account. If the bank needs you for questioning, they will send you an email or a text message via the official address, and they will not request your private information.

  1. Deceptive Trojans

You must be careful with the apps/software you install on your computer. Most third-party software are Trojans designed to steal your information, including bank details and PIN, which are sent to the criminals.


Of course, they will use the information to withdraw funds from your bank account.

Do not download files from strange sites or follow the links on your email to download any file.

  1. Fraudulent Public Wi-Fi

Wi-Fi could be designed to steal information from your mobile phone or computer. When you are connected, hackers use it as a channel to access your device and cart away with information, which may include your bank details.

Do not save your bank password to your phone, and do not log in to your bank app while connected to a public Wi-Fi network.

  1. Spy Cams

Spycams could be placed at ATMs to capture card details and the PIN entered by a cardholder. Typically, the cameras are placed in ATMs located in lone locations because they may not find it necessary to inspect the ATMs.

When you arrive at any ATM to withdraw money, try to cover your card information and scrutinize the ATM gallery thoroughly for suspicious cameras placed near the ATM keypad.

  1. Card Cloning

Thieves can clone credit cards and use them to steal money from bank accounts.

They only need the numbers on your card to duplicate the card illegally and steal the money.

To avoid becoming a victim of credit card cloning, do not expose your credit or debit card while in public.

  1. Skimming

Skimming is done with s device known as the skimmer, and it is installed in an ATM or POS to read a credit card. When you insert your card to make transactions, the skimmer records the data. The thief, of course, returns to retrieve the skimmer and now has access to your bank details.

He may clone your card with the details or use it to shop online without getting caught.


Can anyone steal money from my bank account?

Like I mentioned earlier, anyone that knows what they are doing can steal money from your bank account if they know your username and PIN or complete credit card information. Nobody can steal from your bank account if they have your account number, but it does not mean you should disclose your account number to strangers.

Can a scammer access my bank account?

Yes, a scammer can access your bank account but may need your PIN to transact. Make sure to enable the 2-factor authentication to keep a scammer from accessing your bank account.

What do you do when someone steals money from your bank account?

The first thing you do when someone steals money from your bank account is to block your card (if the thief is using your credit card information) and report it to your bank, typical the bank fraud department, for investigation. Most of the time, the bank may be able to refund your account and arrest the criminal.

Final Thoughts

Bank fraud is becoming rampant, especially with people falling for cheap scams online.

According to CardRates, credit card fraud rose by 161% in 2020 compared to subsequent years. The reason is that criminals are exploring more ways to convince unsuspecting cardholders or bank account owners to reveal their bank details.

Meanwhile, what can someone do with your bank account number? Can someone withdraw money from your bank without an ATM card? Read the publications to widen your knowledge of credit and debit card frauds.

[toggle title=”RESOURCES“]

15 Disturbing Credit Card Fraud Statistics. CardRates.

Consumer Fraud Complaints Hit Record High.

Online Banking Fraud Using Phishing. ResearchGate.



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