Each time I read victims recounts of how their bank account was hacked and the bank balance cleared by fraudsters, I have always wondered how it happened?

What did they do wrong to warrant this unpleasant situation?

I handled a couple of these cases while working as a litigator and e-fraud specialist for some banks, and it was an unpleasant experience.

Even though I felt bad for the victims, I had to do my job as a professional. Litigators are like gladiators. There is zero emotion when a job beckons.

But the good side was that I learnt how to protect bank accounts from being hacked by fraudsters.

The Victims

There are two categories of victims.

The first category consists of persons who didn't play an active role or unknowingly participated in their bank account being hacked.

These are clear cut cases where the victim knew little or nothing about how the fraudsters gained access to their bank account and cleared their account balance.

The other category consists of persons who unknowingly or negligently aided the fraudsters in hacking their bank account.

Well! the difference between both categories lies in the procedures we deploy in getting their money back.

Yes! you can get your money back if you have been hacked, but it is not as easy as you think. But it's not impossible either.

So my question is, how can you protect your bank account and cards from getting hacked by fraudsters?

And If your bank account has been hacked or you lost your hard-earned money knowingly or unknowingly to a fraudster, what can you do to recover your money?

Ok,1

litigator:
Each time I read victims recounts of how their bank account was hacked and the bank balance cleared by fraudsters, I have always wondered how it happened?

What did they do wrong to warrant this unpleasant situation?

I handled a couple of these cases while working as a litigator and e-fraud specialist for some banks, and it was an unpleasant experience.

Even though I felt bad for the victims, I had to do my job as a professional. Litigators are like gladiators. There is zero emotion when a job beckons.

But the good side was that I learnt how to protect bank accounts from being hacked by fraudsters.

The Victims

There are two categories of victims.

The first category consists of persons who didn't play an active role or unknowingly participated in their bank account being hacked.

These are clear cut cases where the victim knew little or nothing about how the fraudsters gained access to their bank account and cleared their account balance.

The other category consists of persons who unknowingly or negligently aided the fraudsters in hacking their bank account.

Well! the difference between both categories lies in the procedures we deploy in getting their money back.

Yes! you can get your money back if you have been hacked, but it is not as easy as you think. But it's not impossible either.

So my question is, how can you protect your bank account and cards from getting hacked by fraudsters?

And If your bank account has been hacked or you lost your hard-earned money knowingly or unknowingly to a fraudster, what can you do to recover your money?

Is that all sir

Protect the email address linked to your bank account by activating a two-factor authentication system.

A few years ago, Yahoo revealed a hack that compromised five hundred million user accounts. In December, the company revealed yet another hack, this time affecting a record One billion accounts. On Tuesday, Yahoo updated that number to all Three billion accounts of its services.

I discovered the importance of a two-factor authentication system when I was handling a case that involved a bank and its customer. The customer sued the bank for unauthorized access to his bank account. We discovered during an investigation that the fraudsters were able to access his account via his email address.

As soon as the fraudsters succeeded in hacking his email account, they discovered his bank login details that were idling in his email account. This was possible because he didn’t activate a two-factor authentication system on his email account.

The fraudsters made use of the customer's bank login details and the OTP the bank sent to his email address to clear his account the night before he woke up. Just like that, his money was gone with the wind. Were the funds recovered? Of course! But it was after a legal battle.
Let’s assume he encrypted his device and created an invincible password, and a hacker still somehow found his login information. If he had enabled a two-factor authentication system, the fraudsters still won’t be able to gain access to his email account.

They would likely need his mobile phone to access the unique one-time code or the login key that is required to access his email account, especially if the login is been made from a non-familiar IP address.

Even Facebook now has a two-factor authentication system. grin
What are the benefits of a two-factor authentication system?

Stronger security. ...Increase productivity and flexibility. ... Lower help desk and security management costs. ...Reduce fraud and build secure online relationships.

Do you wish to know if your email address has been hacked?

Kindly send me your email address and I will revert as soon as I can with a report.

Wo! litigator, is this all? Noooo! I will be back with point number two shortly

AMI3:



Is that all sir

Nope! Spambot kept deleting my updates and banning me.

litigator:


Nope! Spambot kept deleting my updates and banning me.

This is really good, Sir


Thanks for the information.