If a bank account is hacked and the hacker/cybercriminal starts making online purchases using the stolen card information, bank account user name, password and/or PIN most of the victims expect the banks to repay. The banks however, refuse to help the victim on the grounds that the transaction was done with the actual card and the exact password and PIN was entered. So no matter how hard you try to convince them, it just amounts to a lot of frustration. One should understand the basics here, the bank is right at its place when it is refusing to pay. Since the money is already gone from the account to the merchant as legitimate credentials were given, if the bank agrees to refund it will have to bear the losses. Bank will always try to put the blame for card fraud on you. Usually they will redirect the victim to go to police for further help.
It is quite difficult to track down the person or group that has scammed you without the help of law authorities in several different countries that transaction might have routed through.
When your bank account gets hacked and money gets transferred online one should follow the steps given below to avoid further losses:
- Contact your bank and first block your bank credit/debit card.
- If the bank account is hacked immediately after you have done some online transaction from some PC, then first scan and clean your PC with latest anti-virus scanner. This is to get rid of any rootkit or key logger that may have been installed on the PC and which would have compromised your login details and sent it to the hacker.
- Reset your login password, pin, security questions answers.
- Verify your contact details like address, phone number are not changed by the hacker.
- Report the scam to right authority in the bank.
- Report a fraud to local police station.
What to do to recover lost money from hacked account:
In case of online transactions we have a fair chance of recovering/blocking the transaction if we act within 24 hours from the date and time of the fraudulent transaction. Most of the victims miss out on these important steps and hence are unable to recover any of the money they have lost. When a hacker/cybercriminal hacks the bank account and has access to user’s login name, password and PIN they start making online purchase and money transfers immediately. They try to get the maximum amount out before user blocks the credit/debit card or changes the bank login details. So what one should do along with the above given steps is to observe the fraudulent transaction details carefully. For every transaction the bank provides very limited but important information of the date, time and the merchant id/string on which the transaction was performed.
In some cases like money transfer to individual through PayPal or some other benefits it is bit difficult to get back the money. But if the cybercriminal does online purchase of some items/services then there are high changes of blocking the transaction and getting the money back.
To recover money lost in 419 scams
In case of scams like 419, where the victim himself transfers the money to the cybercriminal, the money can be recovered if he/she acts fast. For example if you transfer money to the scammer by say Western Union or MoneyGram and you realize that it was scam in less than 24 hours you have very good chance to get your money back. You just have to reach out to the right person from help desk of the money transferring merchant and in this case Western Union or MoneyGram.