Can Unauthorized Persons Withdraw Money via Bank Account Details?

Money remains safe on your account until you take every possible safeguard to keep your personal details private. This article explains how money can be withdrawn from an account and discusses measures to prevent unauthorized withdrawals.

Methods of Withdrawal from a Bank Account

Withdrawals from a bank account can occur through several methods, each with its own security measures to prevent unauthorized transactions. The most common methods are:

Through Cheque: Issuing a cheque for withdrawal requires access to the physical cheque book. If you secure your cheque book in a locked drawer or safe, no unauthorized person can use it without your direct involvement. Online Banking: Online transactions require a combination of factors. The first step is to use a login ID and password that only you know. Additionally, you receive an OTP (One-Time Password) via SMS to your linked mobile number, which you enter to complete the transaction. If these two steps are properly managed, online withdrawals are secure. ATM and Debit Cards: For both ATM cash withdrawals and POS (Point of Sale) transactions, a combination of physical possession of the card and knowledge of the card's PIN is required. Both the card and the PIN must be kept private to prevent unauthorized access.

Steps to Ensure Account Security

To prevent unauthorized persons from withdrawing money even if they know your bank account details, follow these steps:

Keep your cheque book in a safe place. Only you should have access to it. Do not share your online banking password with anyone. It should only be known to you. Do not lend your mobile phone to third parties who may not return it securely. Do not hand over your ATM card or POS card to anyone else. They must be kept with you at all times. Do not disclose your ATM or POS card PIN to anyone. Only you should know it.

If these precautionary measures are followed, no person can withdraw money from your account even if they have knowledge of critical details like your account number or card number.

Conclusion

By understanding the different methods of withdrawal and the security measures required for each, you can maintain the safety of your account. Always prioritize caution and keep your access details private to prevent unauthorized withdrawals and financial loss.