What can be done with your online banking information??

Question

OK so I'm aware of all the online banking threats, such as phishing and malicious code, etc. But what can a person do with your bank account information other than view your account details? I know he/she can pay bills using your money but if you are able to notice the theft and notify your bank, it can track to whom that payment was made, no? For instance when I pay my electricity bill, I always have to enter my account number with that company and from this number you can tell who I am.

Also how does your bank information contribute to identity theft (if you don't enter your SSN)??

Answer 1

They can transfer all money out of your account into their own.  They can "pay a bill" by writing a check to to themselves for the balance in your account. They can clean you out. Yes, if fraud is involved, you MIGHT be able to get the money back, but can it could take weeks, even months, to resolve.  Add that to the TIME you would have to spend on the phone and writing letters to get the situation resolved...it is better to protect your information and keep the theft from happening.  Can you afford to loose all the money currently in your bank account?