Tesco Bank temporarily suspended online payments of 20,000 current account customers. The hackers did not steal any personal data, and Tesco Bank refunded all affected accounts. Some customers received text messages from the company in the early hours, warning them of fraudulent activity on their accounts.
So, with this in mind, would you know what to do if you got a call from your bank or your mobile phone provider to inform you that cybercriminals had hacked your account? What if you'd lost your wallet at the cinema or were pick-pocketed on a train?
7 tips if your bank is hacked
- Act quickly
- Contact your card issuer or bank
- Change your banking password
- Monitor your accounts for suspicious activity
- Look out for suspicious calls, texts & emails
- Get a copy of your credit report
- Take out Protective Registration (PR)
1. Act quickly
It's vital to protect yourself and act quickly. Don't shrug it off or ignore it. Ensure your Wi-Fi network is secure, then immediately cancel any compromised debit or credit cards.
2. Contact your card issuer or bank
Notify your bank or card issuer of the loss or that your information has been compromised. Your bank's first port of call is to contact your bank's fraud department, which allows your bank to get involved if they aren't already aware of the hack. They will take immediate action and inform you of the next steps.
3. Change your banking password
CyberAware, the government's cyber security campaign, encourages us to use three random words #thinkrandom. This approach will allow you to protect your bank account in future better.
There is no better time to change your password, choose new security questions and implement two-factor authentication if this is available to you.
4. Monitor your accounts for suspicious activity
If you notice irregular payments, inform your bank immediately. Going forward, monitor your account as closely as possible so you can identify any fraudulent activity sooner rather than later. The sooner you pinpoint suspicious activity, the better - it could ensure you nip it in the bud before it progresses.
5. Look out for suspicious calls, texts & emails
This awareness level particularly applies to people who claim to represent your bank or card company, the police, your broadband provider, etc. Note that your bank and the police will never ask you to transfer money to a 'safe account' or to ask you to confirm your PIN or password.
6. Get a copy of your credit report
It is best to get a copy of your credit report from a reputable credit reference agency. Having a copy of your credit report is one of the best ways of telling if someone else is impersonating you. Check each entry and notify them if you see anything you don't recognise.
7. Take out Protective Registration (PR)
Protective Registration (PR) is additional protection offered by CIFAS to prevent fraud. A warning flag is placed against your name, telling companies that use CIFAS to be extra vigilant when your details are used and carry out extra checks.
Want to learn more about Fraud?
To help you plan and execute compliance in your organisation, we have created a comprehensive anti-money laundry and counter-terrorist financing roadmap.
We also have 80+ free compliance training aids, including assessments, best practice guides, checklists, desk aids, eBooks, games, posters, training presentations and even e-learning modules!
If you'd like to stay up to date with fraud best practices, industry insights and key trends across regulatory compliance, digital learning, EdTech and RegTech news, subscribe to the Skillcast Compliance Bulletin.
Last but not least, you can interact in person with thought leaders and your peers at one of our popular live webinars and face-to-face events.
If you've any questions or concerns about compliance or e-learning, please get in touch.
We're happy to help!