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.)
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."
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.
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.
Performing a bank transfer with a stranger can be risky and potentially unsafe. It is important to exercise caution and take appropriate steps to protect yourself from potential fraud or scams.
The safest and most anonymous online payment methods are cryptocurrencies, virtual credit cards, and Cash App.
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.
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.
Giving your bank account numbers to individuals or entities you don't know can be risky. If you're asked to share your account information, verify that the request comes from a trusted source.
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. Don't click on unknown links sent to you through SMS/emails.
In addition to all the standard information like name, address, and account number, you'll also need a BSB code. Otherwise, your money might not end up in the right account.
Don't: Text or Email It
While it might be tempting to avoid the phone call altogether and just text the information, that's not exactly safe. Text messages can be hacked. If verbalizing the information isn't an option, you can use an encrypted text messaging app instead.
A BSB (Bank-State-Branch) is a six-digit number that identifies banks and branches across Australia. Use our locator tool to find the BSB of a specific branch. Just type in the branch location then click on the branch you need the BSB for. Got the BSB but need the branch details?
If you've accidentally transferred money to the wrong account, it can't be reversed and we can't stop the transfer from going through. If you supplied the wrong BSB, account number or if it was sent to a closed account, the funds may be returned to your account automatically within five business days.
No. Only the account holder can set up the Direct Debit Instruction.
Banks have a legal and ethical responsibility to refund scammed money to their customers. However, you can't always get scammed money back. Whether it's a lack of evidence or human error on your part, thieves can sometimes get away with your stolen funds.
Fraudsters can use all kinds of methods to find your personal or banking details. If they get hold of them, they can try to use your bank account to steal your money. Or they could try to scam you at a later date.
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.
Sort codes and account numbers can be used by fraudsters for identity theft, direct debit fraud, phishing scams, and money laundering. While it's generally safe to share your account number and sort code, the risk increases when combined with other personal information.
Personal and Cashier's Checks
Besides cash, a certified cashier's check is the most secure way to accept payment during a private sale.
The first six digits make up your BSB (like 306-089) and the next seven digits make up your account number (like 0001234). If you know the store your account was opened at, you can also search for that store's BSB number.
For all domestic transactions, you'll need the recipient's full name as shown on their bank account, their BSB number, and account number. Some banks might require additional information, depending on the transaction type - and for international payments you'll usually have to provide a SWIFT code, too.