Unauthorised Transfers From Your Account

How money can leave without your approval

An account takeover happens when someone gains enough access to your banking details, login, or one-time passwords to move money without your knowledge. This can follow a phishing message, a fake banking app, malware on your phone, or a SIM swap that intercepts your OTP codes.

You may notice it through a transfer you do not recognise, a login alert you did not trigger, or a balance that is suddenly lower than expected. None of this requires you to have knowingly shared your password.

Public wifi networks, unofficial banking app downloads, and outdated phone software are other common entry points, letting someone access your details without any message or call being involved at all. Keeping your banking app updated closes many of these gaps.

Acting within the first hours

Contact your bank immediately to freeze the account, block further transactions, and formally dispute the transfer. Speed matters, since the chance of tracing or recalling the funds drops as more time passes.

Change your online banking password, app PIN, and any linked email password, since these may also be compromised. Turn on extra verification steps if your bank offers them.

If you use the same password across multiple accounts, change those as well, since a scammer who accessed one account may try the same details elsewhere.

Building your case with the bank

Keep every notification, login alert, and transaction record from before and after the incident, since this timeline helps the bank’s investigation. Write down when you first noticed the transfer and what you did immediately after.

The bank must investigate unauthorised transactions, though the outcome depends on the circumstances, including how the access was gained and how quickly it was reported. If the response is unsatisfactory, you can escalate to a formal bank complaint.

If the bank asks you to complete a dispute form, answer every section as specifically as you can. Vague answers can slow down the investigation rather than speed it up.

Reporting to the authorities

File a police report with the Commercial Crime Investigation Department and keep the report number for your bank file. This report is often required before a dispute moves further.

Bring your identification, your bank statements, and a written timeline of events when you make the report, since this helps the investigating officer record the case accurately the first time.

What to do next

Read how a bank recall works so you understand the realistic limits of what can be reversed once money has left an account. Acting quickly and keeping clear records remain the two things most within your control.

If the loss is significant, consider whether a civil claim against the receiving account holder is realistic, which is a separate question from the bank’s own investigation.