5 Ugly Things that Happen if Someone Has Your Account Number
Bank frauds are becoming rampant, and you can’t curb all at once. Does the question remain what happens if someone has your account number? The truth is that a lot of 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 your individual self. That is, if you’re conscious at all time and careful, this may not really be a case 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 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. In this article, however, 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 exactly the first bothering question to amend in cases of 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.
Now, I will only answer this question from a ‘secure’ or ‘self-conscious’ perspective. I do not wish to answer by assumption or hasty conclusion that it is ‘safe to’ or ‘not to’.
Safety is surety of what happens if someone has your account number. By ‘surety’, I am informing you that almost nothing happens if you issue or eventually issue out your account number. Elaborately, it doesn’t even matter whom you issue this to – stranger or no stranger, child or adult, old or young.
On the other hand, issuing a checkbook can be a compromise and this is due to the details available on checkbooks. In this sense moreover, we can say that what happens if someone has your account number can be tragic. Let’s have a look at some of them and see also what we can do to correct the situation permanently.
What Happens if Someone Has Your Account Number
Even though there are technological advancements in the security fields of the banking sectors, some things are still wrong. It is these wrongs things that fraudsters still take advantage of and we call it ‘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 certain merits accompany them. It is also on this ground that the safety of your bank account is in your own hands.
The reason why I will be telling you what happens if someone has your account number is my past experience. I may have been careless but not stupid which means that a slight mistake from you can cost you.
Here are 5 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 bad powerhouse. Lots of online transactions require fewer login details to authenticate a transaction. This is exactly how people can hack a bank account with just an account number
For instance, the Amazon, it 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 chequing.
When the fraudster is able to get hold of or formulate your details like your driver’s license, it’s doom. The likes of Amazon with their open payment option allow checking account payment and it is easy to achieve this. Things a bad person with your account number needs are:
- Bank routing number (available on checkbook)
- 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 simply add your account as checking account to Amazon and buy heaven and earth. Don’t suspect Amazon alone because there are several other sites out there with even more vulnerable payment systems.
What to Do
There are things you could do thwart this bad attempt. For instance, your driver’s license is essential to your financial security and you should do well to keep this save.
Secondly, be mindful of how to give out your account number and other security details even to your relatives.
Illegal Cash Deposits
Whenever we receive a deposit, smiles flash our faces but the intention is not to take the whole 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 time. Lots of 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, in the form of rewards, electronic lending, charity funds, a wrong recipient transfer, etc. When this money gets to you, the launderer will contact you with a promise to pay you for your honesty. You will, of course, be happy and immediately do as he instructs.
However, when an investigation comes up, the ‘Dirty Money’ is traced to your account. 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 on illegality.
It is very possible for your account number to make your bank account vulnerable. Let me state an incident that befell my cousin. After he suffered a house to robbery, the robbers parted with his wallet. And in his wallet, he had his bank details including his account number. Thereafter, the following events weren’t good. 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 when your account number is outside, it isn’t safe. 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 exposes you to being a victim of 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 sort of account number exposure incident, it can be escaped. It is on this note that 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 your 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 bad act that works on chequing bank accounts. This means that whenever you write out cheques, especially to strangers, the chances of facing account vulnerability is high. This is possible due to the details present on a checkbook. For example, details like your routing number, cheque number, and your 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’ and it works on websites like Amazon.
How does this work?
Someone that has your account number further needs your routing number. With your routing number, the bad person with your account number eventually performs online transactions on certain websites.
What to Do
- Ensure that your routing number is kept safe.
- If you have an account with frequent cheque transactions, create a new account for yourself. Store your fortune and only provide the meager account number to people.
- After every issued cheque, monitor your account statements.
The checkbook you have is a safe way for business transactions. But, it may always be compromised. If your checkbook lands in the wrong hands, it can be counterfeited and the amount changed.
During the counterfeiting, the fraudster is careful to position all cheque details in the right places. However, the print ink is magnetic and will most likely alter the attempts to falsify a cheque transaction. But then, the cheque name could be altered 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 special printers, others use advanced tech systems to even create average magnetic inks on the cheque. However, you can dodge this problem by simply having a meager 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.
There are lots of 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 that happens, just make sure you don’t drop your account number randomly for people.