There's no single "best" bank for security, as it depends on location and specific features, but top contenders globally often include major Australian banks like Commonwealth Bank (CommBank), ANZ, NAB, and Westpac, praised for strong fraud detection and proactive alerts, alongside UK banks like NatWest and Starling for advanced security practices; however, security relies heavily on user vigilance, strong passwords, and enabling multi-factor authentication.
Commonwealth Bank leads the pack for safety and has done so for the last few years.
SoFi® (Member FDIC) is a top choice for online banking security, thanks to its robust fraud protection, two-factor authentication, and FDIC insurance covering deposits up to $3 million ⁴.
Banks are generally required to refund money if the transaction is unauthorized. For example, if your bank account was hacked and someone made a purchase or transfer without your consent, you may be entitled to a refund.
If someone breaks into your online banking account, your money could be gone before you know anything happened. When online thieves discover your username and password, they can access your account and transfer its entire balance to criminal accounts where it cannot be recovered.
Secure Your Accounts: Upon learning you've been hacked, immediately change passwords for all your online accounts. Start with those associated with sensitive information such as banking, email, and investments. From there, move on to accounts that contain less sensitive information such as social media and e-commerce.
With the right habits and tools in place, you can make your bank account significantly harder for hackers to access and help prevent identity theft.
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Credit and debit cards may offer some protections that can help you recover your money for purchases you don't receive. If you pay with a credit card, your bank will likely reimburse you if you don't receive the goods. If you pay with a debit card, your bank will try to recover your money from the scammer's bank.
While Bendigo Bank consistently held the title for years, recent 2025 data from Roy Morgan shows the Commonwealth Bank (CBA) has taken over as Australia's most trusted bank, recognized for digital security and customer service, though customer-owned banks (like Bendigo) are noted for strong sector-wide trust.
Change your login credentials: Create a new password, and make sure multifactor authentication is set up. If you have security questions in place, creating a new set of them could also help keep fraudsters out of the account.
If you are an Australian tax resident and you have an account in a financial institution overseas, we will receive your information from the tax authority of that jurisdiction. All information reported under these laws is handled in the strictest confidence by the ATO and foreign tax authorities.
Commonwealth Bank
It is recognised as a leader in the Payments and Transaction categories as well as security features for customers. As one of the big four banks, Commonwealth Bank is one of Australia's largest and most established financial institutions.
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The 7-3-2 rule is a financial strategy for wealth building, suggesting it takes 7 years to save your first significant amount (like a crore/10 million), 3 years for the second, and only 2 years for the third, due to accelerating compound interest and disciplined investing, often by increasing SIP (Systematic Investment Plan) contributions annually. It emphasizes that early stages require discipline for momentum, while later stages see returns grow faster than contributions, demonstrating the power of compounding over time.
Turning $10k into $100k in one year requires very high-risk, high-reward strategies like aggressive stock/crypto trading, flipping digital assets (websites/e-commerce), or launching successful online businesses (courses, dropshipping), as traditional investing yields far less; you'll likely need a combination of significant capital investment, rapid skill acquisition, strong market timing, and exceptional execution, accepting the high chance of significant loss.
How much to save in your emergency fund: 3-6-9 rule. The basic guideline for emergency funds is to set aside enough money to cover your expenses for three, six, or nine months, depending on your needs and financial situation.
A credit freeze is always a good idea, but it's even more important if your Social Security number or other information is exposed in a data breach or if an identity thief has misused your information.
It's generally safe to have $500,000 in one bank if it's a joint account (covered up to $500,000 by FDIC/government guarantee), but for individual accounts, only the first $250,000 is guaranteed, leaving the excess unprotected; to fully insure $500,000 individually, you'd need to spread it across two different banks or use multiple ownership categories like trust accounts at the same bank to maximize coverage.
If someone has your bank account and routing number, they can make fraudulent ACH transfers and payments from your account. Your bank account number alone is not enough for someone to withdraw money from your account.
Can I run a test to see if my phone is hacked? Yes, running an antivirus scan using a mobile security app like Norton 360 Deluxe can help you identify malware infections that could be granting hackers access to your device or data.
Unplugging it from the network can stop the hacker from accessing other devices. Physically disconnect the device by unplugging the Ethernet cable or turning off the Wi-Fi. This step is crucial because it blocks the attacker's access. Without a connection, they can't spread malware or steal data from your network.
Should you delete your hacked email account? Generally, no. Deleting the account can cause more problems than it solves. Many online services are linked to that email, and deleting it means you lose the ability to receive password reset links and security notifications for those accounts.