Hi DanzEterna, I always thought hacking was done via computers i.e. through online transactions like using spyware, phishing emails etc.
You mean to say, if I provided anyone WITH THESE INFORMATION ONLY for deposit into my bank account
1) the bank name &
2) the bank account number;
these scammers are able to hack into my bank account too?
The 'hacks', as people refer to, are usually not the spy cloak and dagger hi-tech stuff that you think of but more often the process of getting pieces of your personal information through malicious social engineering.
Once they know your name, bank account, IC no., address, etc, etc., that's one more piece of the puzzle they need to have access to all your personal data which becomes the basis of all identity theft cases.
Most banks services can nowadays be done via the phone. Usually if you don't have a telebank pin/code, the bank will ask you a bunch of verification personal questions to establish your identity. In my experience, these questions are very basic, typically asking about your name, home address, your workplace address etc etc.
Scammers therefore try to obtain these kind of personal data which, if you think about it, is not difficult to do. People can pose as someone else-----a salesman, a charity worker, a bank official....anything that will get you volunteer your personal info to them, for example, you make a donation to a purported charity, and they'll conveniently ask for your name and address so they can make out an 'official receipt' for your tax deductions. This the 'social engineering' bit.
Once they have your info, it is perfectly feasible for them to call the bank, impersonate you and compromise the verification process and alter your account, because to all intents and purposes, the bank thought it was you making the call.
You may think it is perfectly OK to volunteer seemingly benign info as an address, or your phone number but it is not OK to do so to strangers. For that matter, it is not OK to have too much of your info known even among colleagues or friends simply because even if you are careful with your info, other people may not be.
You'll be surprised how easy it is to find out a lot about anyone you interested in. It's not rocket science and the amount of people getting scammed and having their identity stolen ought to give you some idea that you are not as safe as you think you are.
Having a second throwaway account as Danz suggested may seem overkill to a lot of people, but it's actually a pretty smart and prudent way to protect yourself. Other methods if you have not already done it are phone alerts on credit card payments, transacting via Paypal instead of giving your credit card number, etc etc.
