Submitting Bank Statements- Guidelines to Prevent Cyber Fraud (2024)

FAQs

Submitting Bank Statements- Guidelines to Prevent Cyber Fraud? ›

Sharing your bank statement with third parties without verifying the receiver can put you at risk for identity theft. Your bank statement contains personal details such as your name, address, email ID as well and bank account number. Scammers can use this sensitive information to commit fraud.

Sharing your bank statement with third parties without verifying the receiver can put you at risk for identity theft. Your bank statement contains personal details such as your name, address, email ID as well and bank account number. Scammers can use this sensitive information to commit fraud.

Data breaches: A hacker might break into a bank's computer system and steal customers' account numbers. Mail theft: In some cases, a crook might sift through your mail or trash to find a bank statement that includes your personal information.

Use PDF Tools like Wondershare PDFelement! Bank statements are usually in PDF format. That is fantastic, as Wondershare PDFelement offers a secure way of sharing files through email. The company values your security and promises not to distribute your files without your authorization.

For instance, you need to redact details of your account number and social security number. By using a redacted billing statement, you ensure that the third parties you're transacting with can use the financial information they need while protecting your sensitive details.

With your bank account number, thieves can commit ACH fraud to withdraw your money, create fraudulent checks, make unauthorized purchases on sites like Amazon, and even set up "Buy Now, Pay Later" services like Affirm or Afterpay.

Is it safe to share bank statements for verification? Yes, it is safe to submit your bank statement for verification. However, check the legitimacy of the financial institution to avoid any bank statement fraud.

It's generally considered safe to give out your account number and sort code, but you should always use common sense and avoid sharing your bank details with people you don't know or expect payments from.

Malware can be installed through infected email attachments, compromised websites, or pirated software. Brute force attacks: Automated tools used by hackers to guess your login credentials by trying multiple combinations of usernames and passwords until they land on the right ones.

Your bank should never request your banking information via email, and you should never send it if asked. Contact your bank to report the phishing attempt.

Is it safe to email a PDF of a bank statement? ›

Banks Take Security Measures with Statements

However, it is always better to be safe than sorry, so please use a sharing service, or, even better, let your accountant download the bank statements directly.

Emailing, generally, is absolutely fine. But printing hard copies is probably less likely to result in anything fraudulent going on.

Using bank statements as official documents

Bank statements can also be used as official documents for verification purposes. For example, if you ever need to apply for a personal loan, your bank statement is a great document to verify your identity and show proof of your income.

5. Can I redact sensitive information from my bank statement before using it for address verification? It's a good idea for safety when hiding private stuff like account numbers or specific transactions. But make sure your name and address are still easy to see and have yet to be changed.

The redaction process is fairly common in legal and other official documents, such as court papers and those obtained from government sources. Documents may be redacted when requested by the public. Redacted information may include personal identifiers, sensitive information, intellectual property, and case data.

When a document is redacted, it means that certain text contained in a document filed with the Court is concealed from view for privacy protection.

No one can check your bank statement without your permission. Unless you give out your account number, banks do not release information regarding your bank statement to unknown third parties without your consent.

As long as the landlord has a legitimate reason for the request, such as verifying income or assets, it is allowed. The Fair Credit Reporting Act (FCRA) gives landlords permission to request financial records like bank statements for tenant screening purposes. This is considered a permissible use under the FCRA.