Be stingy with your banking information to avoid bank scams. Know that less is best when it comes to sharing info: Avoid giving your account and routing numbers to people you don't know. Another tip to prevent fraud: Go for multi-factor authentication when banking online.
Frauds: This is the biggest reason for not giving your bank account number to just about anyone. Banks clearly suggest not sharing your bank account details unless you are expecting a fund transfer. Even in the case of fund transfer, make sure that the person crediting your bank account is trustworthy.
If fraudsters can combine your bank details and other easy-to-find information — such as your Social Security number (SSN), ABA or routing number, checking account number, address, or name — they can easily begin to steal money from your account.
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.)
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.
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.
Sending money domestically or internationally via bank or wire transfer is safe to do. But only if you are 100% confident about who the recipient is. Most bank transfer fraud is done through mistaken identity – rather than a fault in the system.
Go to your notifications in the CommBank app or check your NetBank inbox and enter the password. If you don't receive it, call 13 2221. Choose the accounts you'd like to share. If a joint account is enabled for data sharing, you'll be able to select it, otherwise you'll need to enable it first (see below).
Despite your account number being generally considered as safe to give out, you shouldn't give out any digits without feeling 100 percent safe. After all, if hackers are trying to get into your account, that would be one extra code for them to figure out, making their job a lot harder.
No, it is not safe to send bank details by email. Emails are unencrypted, meaning hackers can easily get access to your account information. You also expose yourself to risk if you are sending your bank details to scammers.
This is means that, on the whole, bank transfers are a safe way to send money, but you should also exercise caution when using them. Luckily, many forms of bank transfer have rigid security features built into them to combat fraud and avoid mistaken payments.
You can transfer money to accounts you own at the same or different banks. Wire transfers and ACH transfers allow you to move money between your account and someone else's account, either at the same bank or at different banks. You can also transfer money to mobile payment apps or friends and family via those apps.
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."
It tells the bank from which account to withdraw or to which account to deposit a sum of money. This number is commonly used for transactions such as payment reconciliation by checks, account transfers, direct deposits and direct payments.
Phishing
With phishing, hackers attempt to steal valuable information by impersonating a trusted source. Phishing schemes can come in several different forms, including phone calls, fake websites and sales emails.
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.
Use a wire transfer
It's safe for the sender as long as you know the recipient. And it's safe for the recipient because the funds are guaranteed (unlike a personal check, which can bounce). However, sending a wire transfer isn't as easy as writing a personal check.
The safest way to transfer money is to use a reputable, regulated money transfer provider or your bank account. Companies specialising in international payments, with robust security measures will help protect both parties involved in an international transaction.
Generally, providing your BSB and account details to suppliers is safe, as the details are used to deposit, rather than withdraw, funds. However, there's a possibility that your details may be used to set up direct debits if the debiting business doesn't verify ownership of the account with a signature or ID.
Making a payment using a BSB and Account number
A BSB is a six-digit number that identifies the bank, state and branch you opened your account in. Your account number is the identification number associated with your bank account. To pay or transfer money to someone, you'll need the recipient's BSB and Account number.
When you want to transfer money to someone, you'll need the recipient's BSB as well as their account number. And you'll need to give your BSB and account number to anyone transferring money to you. Did you know?
PayPal is one of the safest platforms for simple money transfers to friends. It may be safer than standard bank transfers. You can be positive that the recipient won't see your bank account details. It's also much faster, as most transactions are nearly instant.
Don't share your Debit / Credit cards with any one. Don't share your personal information like Debit card details/PIN/CVV/OTP/Card Expiry Date/UPI PIN, over phone mails/e mail/SMS to anyone even though some one pretending to be bank officials. Your bank never asks for such details to customers.