Dealing with a hacked online bank account
What is a hacked online banking account?
A hacked online banking account occurs when someone gains access to your online banking without your permission. This could happen if your login details were stolen through phishing, smishing or vishing scams, guessed because of weak passwords, or captured through malware on your device.
When criminals access your bank account, they may try to:
Transfer money out of your account.
Set up new payees or beneficiaries.
Make purchases without your consent.
Change your account details.
Apply for loans or credit in your name.
Because financial loss can happen quickly, it is important to act immediately if you suspect unauthorised access.
We want to better understand the impact of you experiencing this issue, can you share your experience by filling in this online form? This will help us better protect future victims.
Signs your banking account may have been hacked
Look out for warning signs such as:
Unexpected transactions you do not recognise.
New beneficiaries or payees you did not add.
Security alerts from your bank about logins or suspicious activity.
You can no longer log in because your password has changed.
Unexpected SMS or email confirmations for payments you did not authorise.
Changes to your contact details, such as your phone number, email address or physical address.
Example
You receive an SMS confirming a payment to a new beneficiary, but you never created one. This is a strong indication that your banking profile may have been compromised.
What to do immediately if your banking account is hacked
If you believe your bank account has been accessed without your permission, act immediately. Every minute matters.
Quick Response Checklist
1) Contact your bank immediately
Use the official phone number on the back of your bank card, your banking app or the bank's official website.
Tell them you suspect unauthorised access.
Ask them to freeze or secure your account if necessary.
Use your banking app's fraud reporting or card management features if available. Many South African banks allow you to report suspicious transactions, temporarily freeze cards, or block digital banking directly through the app.
2) Secure your account
Change your online banking password immediately.
Enable Two-Factor Authentication (2FA) if available.
Remove any suspicious beneficiaries or scheduled payments.
Review your banking app security settings. Many South African banks allow you to remove trusted devices, disable digital banking, freeze cards and manage transaction limits directly from the app.
3) Check recent transactions
Review your account and statements carefully.
Report any unauthorised payments to your bank immediately.
Review your beneficiaries and debit orders. Remove any unknown beneficiaries and check for recurring payments or debit orders that you did not authorise.
4) Secure your email account
Your email account is often linked to your online banking.
Change your email password.
Enable Two-Factor Authentication (2FA).
If you suspect your cellphone number has been compromised or you have unexpectedly lost mobile signal, contact your mobile network provider immediately. Criminals sometimes perform SIM-swap fraud to intercept one-time passwords (OTPs).
5) Scan your device for malware
If malware was used to steal your banking credentials, it should be removed before you continue using online banking.
6) Report the incident
If money has been stolen, your online banking profile has been accessed, or your identity may have been misused:
Report it to your bank immediately.
Report the matter to the South African Police Service (SAPS) at your nearest police station and ask for a CAS number.
If your personal information has been compromised, consider applying for Protective Registration with the Southern African Fraud Prevention Service (SAFPS).
What to do if money has been stolen
If money has been taken from your account:
Report it to your bank immediately. Many banks can stop or reverse transactions if reported quickly.
Request a fraud investigation. If you report the fraud promptly, your bank may investigate and determine whether reimbursement is appropriate in accordance with its policies.
Keep records. Save:
Screenshots
SMS messages
Emails
Transaction details
Reference numbers
Case numbers
These may assist your bank or SAPS during their investigation.
Monitor your accounts closely. Continue checking your accounts and bank statements regularly for further suspicious activity.
How to Report Banking Fraud
Reporting the incident may help protect both you and others.
Step 1: Contact your bank
Report the incident immediately using:
The official fraud number on the back of your bank card.
Your bank's official website.
Your banking app.
Your bank's in-app fraud reporting tools where available.
Ask the bank to secure your account and investigate the unauthorised activity.
Step 2: Report the matter to SAPS
If money has been stolen or another crime has occurred:
Visit your nearest SAPS police station.
Take any available evidence, including screenshots, transaction details, emails, SMS messages, phone numbers, bank account details, usernames and other relevant information.
Request a CAS number for future reference.
Step 3: Contact SAFPS if your identity may have been compromised
If your ID number or personal information has been misused:
Apply for Protective Registration with the Southern African Fraud Prevention Service (SAFPS).
This helps alert participating credit providers to carry out additional identity verification before granting credit in your name.
If appropriate, you can also report scams through Yima, SAFPS's scam reporting and awareness platform.
Important Reminder
If someone calls claiming to be from your bank:
End the call immediately.
Do not trust phone numbers provided during the call.
Contact your bank using the official number on your bank card, banking app or the bank's official website.
How to protect your banking account in the future
Taking preventative steps can significantly reduce your risk.
Use strong, unique passwords - Avoid reusing passwords across different accounts.
Enable Two-Factor Authentication (2FA) - This provides an additional layer of protection.
Never share banking credentials - Banks will never ask for your password, PIN or one-time password (OTP) by phone, email or SMS.
Never approve unexpected banking app notifications or OTP requests - If someone claiming to be from your bank asks you to approve a login or payment request to "stop fraud", do not approve it. Contact your bank directly using official contact details.
Be cautious of phishing emails and SMS messages - Always access your bank using its official app or by typing the website address yourself.
Regularly review your accounts - Check your transactions frequently so you can identify suspicious activity quickly.
Use banking alerts - Enable notifications for logins and transactions where your bank offers them.
Use virtual cards where available - If your bank offers virtual cards for online shopping, consider using them instead of your physical card. You may also wish to disable online or international transactions on your physical card when they are not needed.
Real examples of hacked online bank accounts
Understanding how attacks happen can help you detect them early.
Fake Bank SMS (Smishing)
You receive an SMS claiming your account has been locked and asking you to click a link. The fake website steals your login credentials.
Malware Infection
You open a malicious attachment that secretly captures your banking login credentials.
Banking App Approval Scam
A fraudster convinces you to approve a login or payment request in your banking app, claiming it is necessary to stop fraud. In reality, you are authorising the criminal's transaction.
Online banking safety do’s and don’ts
✅ Do
Contact your bank immediately if you notice suspicious activity.
Change your passwords as soon as possible.
Enable Two-Factor Authentication (2FA).
Review your account regularly.
Report suspicious transactions promptly.
Keep evidence of any fraudulent activity.
❌ Don’t
Ignore unfamiliar transactions.
Share your PIN, password or OTP with anyone.
Click banking links in unsolicited emails or SMS messages.
Delay reporting suspected fraud.
Assume small unauthorised transactions are harmless. Criminals often test accounts with small amounts before attempting larger theft.
Get additional support
If you need further assistance or have concerns about your situation:
Contact The Cyber Helpline – If you've followed this guide and still have issues, get back in touch with us through our chatbot or helpline for further support.
Seek professional IT help - If you're not confident following these steps or the problem persists, ask a trusted IT professional or tech-savvy friend for help. Many local computer repair shops can assist with removing malware.
Donate
Your generosity makes our free support possible. Please consider giving today.
Without donations, we cannot keep our service free or provide help to the most vulnerable victims of cybercrime when they need it most. As a not-for-profit organisation, every donation goes directly towards keeping The Cyber Helpline up and running. Donate now and help us support victims of cybercrime.