When it comes to what information to give for a bank transfer, you will need to provide some personal details such as your full name (as it appears on your official ID) and email address. You will also need to create a password and acknowledge that you've read our T&Cs and Privacy Policy.
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To keep your information safe, we suggest only providing your BSB and account number to people you know and trust (such as family, friends or your employer etc.)
If account details are sent by email, there's a risk your email could be intercepted and your payment instructions revised to redirect funds into the wrong hands.
Direct Debit fraud occurs when a debit is taken from your account without the proper authority from you set out in a valid Direct Debit request. Sometimes this has happened when BSB and account numbers published online or in a public document have been used via Direct Debit to debit accounts.
Most bank transfer fraud is done through mistaken identity – rather than a fault in the system. So you must trust that the recipient is credible before the transfer is undertaken. Because once the money is sent, it's often very difficult – if not impossible – to get it back.
If a hacker manages to access your financial details through your compromised account, such as debit or credit card information, the impact can be crippling. Hackers can use your details to make online purchases, depleting the funds in your account or worse, open up additional accounts, run up credit and take out ...
For example, they might send a fake fraud alert email from your bank that takes you to a phishing website. When you enter your bank account information, it goes straight to the scammer. Once they gain access, they'll reset your password to lock you out and then open new accounts, credit cards, or loans in your name.
It's generally considered safe to give out your account number and sort code, but you should always use common sense and avoid sharing your bank details with people you don't know or expect payments from.
Don't: Text or Email It
Phone messages can be hacked. Email is also not a safe way to share your information for similar reasons, Alvarez says. If verbalizing the information isn't an option, you can use an encrypted text messaging app instead.
What is the safest way to accept payment? Besides cash, a certified check is the safest way you can receive a payment to your business.
Your banking and personal details should be kept private and off social media. Even sharing them with friends could put them at risk. Fraudsters can send an email or text to try to steal your details.
If you paid by bank transfer or Direct Debit
Most banks should reimburse you if you've transferred money to someone because of a scam. This type of scam is known as an 'authorised push payment'.
It's not the same as a scammer obtaining your credit card digits. No one will be able to withdraw money from your personal bank account if all they have is your account number.
When you send an Interac e-Transfer, the recipient will get an email or a text notification containing a link to the 'Deposit your Transfer' page on the Interac site. From here, depending on the financial institution, the recipient is walked through a user-friendly interface that enables a quick deposit.
Never give you username and password for anything to anyone! Anyone asking you for these info could be a scammer or a potential perpetrator to your account. The most you can give, if you want the money deposited to your account, is only the name of your bank and your bank account number only. No more.
What can a scammer do with your email? Stolen credentials allow a scammer to send malicious messages or malware links to your contacts, extract personal or financial information from your saved messages, or get your friends and family to send money to them under false pretenses.
First let's clear up one myth - giving out your bank account number and BSB is fine. "There is no issue in giving out your BSB/account details as it's only possible to deposit funds rather than withdraw funds," an ING spokesperson told Money. "If an unauthorised debit occurs then the debiting institution is liable."
As a sender: Only share the answer to your security question with the recipient over a secure method of communication, such as over the phone. Don't share the answer via email, text or on social media.
The safest way to receive money from a stranger is to enquire about the money transfer service provider that they are using to send you money. Make sure that you also trust the person who's requesting the money– ensuring that they're not doing so by putting undue pressure on you to provide a monetary gift.
Most Secure: Google Pay. Why we chose it: Google Pay allows you to securely send and receive money with just your phone and mobile wallet. It encrypts your data when you make online payments and doesn't store your debit or credit card information in the app, but in a secure server.
Unexpected Interac e-Transfer notification? If you receive an Interac e-Transfer text or email you weren't expecting, confirm with the sender via another channel. If the email or text comes from someone you don't know, or you suspect it to be fraudulent, don't respond or click any links.
By and large, credit cards are easily the most secure and safe payment method to use when you shop online. Credit cards use online security features like encryption and fraud monitoring to keep your accounts and personal information safe.