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."
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.)
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.
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.
Transfers to other Australian financial institutions are available within seconds*, if transferred using a PayID. For transfers made using a BSB and account number, the funds will be available in the recipient's account within 1-2 business days.
If you want to transfer money to someone else's bank account, there's a wide range of methods that you can use. Some traditional payment methods require the recipient's full name, account number, and routing number, while alternative options only require an email address.
Never give out your PIN, 16-digit card number, card expiry date or CVV unless paying for something from a trusted vendor. These details can be used by fraudsters to access the funds in your account.
The easiest way to become a victim of a bank scam is to share your banking info — e.g., account numbers, PIN codes, social security number — with someone you don't know well and trust. If someone asks for sensitive banking details, proceed with caution.
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 best way to receive money anonymously is by using cryptocurrencies, virtual credit cards, Cash App, Paysafecard, and cash. While the best way to receive money is offline with cash, you can add an extra layer of anonymity to your online payments by using a reputable VPN like NordVPN.
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.
You can visit your bank and fill out a form with your account information and amount you want to take out and present it to a teller. Work with a bank teller.
Simple Answer is NO! Your Account Number is just for the sake of Information. Even someone knows your Account number, its IFSC code & your name, they can only deposit money to your account. With all these 2 information, no one can actually take out money from your account.
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.
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.
It might be possible to reverse a wire transfer if your bank hasn't already released the funds. However, if your bank sent the funds, it is not possible to reverse the transfer. This is especially true if the funds have already been accepted by the receiving bank.
PayPal is considered one of the safest ways to receive money online. All PayPal transactions are protected by advanced data encryption. PayPal also offers seller protection protocols to prevent fraudulent activities and make the platform safe for sellers.
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.
PayID transfers and most transfers made to a BSB and account number are usually processed instantly, or within a few minutes. First-time and some other transfers may be held for 24 hours though as a security measure.