Sending Bank Details by Email? It’s Not Safe!

Many things happen digitally today, from signing contracts to submitting official forms. Sometimes, you may also want to send your bank accounts to someone not physically near you.

However, is sending bank details by email safe? This article explains why it is unsafe and highlights better alternatives.

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Why Is Sending Bank Details by Email Not Safe?

It’s not safe to send bank details through email for several reasons:

1. Emails Are Not Securely Encrypted

Around 2200 cyberattacks happen every day, equating to 800,000 hacked accounts yearly. And your email account could be next. Most emails are encrypted during transmission but not when they are in your account. They are easy prey for hackers.

2. Your Password May Be Weak

Whether your emails are encrypted doesn’t matter if someone can log into your account. Guessing passwords is often straightforward. Many people use shockingly simple passwords such as:

• 123456
• Password
• 12345678
• qwerty
• 123456789

If you see your password on this list, change it now! But your password is still at risk if you are more creative. Hackers are good at guessing passwords because they have software assisting them.

3. You May Have Malware on Your Computer

Malware (malicious software) is harmful. Often, the malware installs itself without your consent and knowledge. For example, this can happen when you:

• Download an innocent-looking file from the internet
• Use a flash drive
• Visit a fraudulent website

The malware can take over your account and act on your behalf. Unfortunately, this includes accessing your email account.

4. You Could Be Sending Your Details to a Scammer

Most people know to ignore emails from a Nigerian prince or a hot Russian girl. However, many scammers use more elaborate methods.

They may send emails from authorities or impersonate people you trust. Their emails may look completely authentic. However, when you send them your bank details, you become a victim of their scam.

What Is the Safest Way to Send Bank Details?

Nowadays, many alternatives for sending your bank details exist:

1. Phone the Recipient

The good old way is to call the recipient. You can pass on your bank details over the phone. You only need to ensure the person on the other end gets the details right.

2. Use an Encrypted ZIP File

If you want to send your bank details via email, you should use a password-protected ZIP file. ZIP files use encryption and are safer than unprotected emails. To create a ZIP file:

1. Type your bank details into a text file.
2. Right-click on the file and select “Send to ZIP”.
3. Double-click on the zipped file to add a password.

3. Use an Online Payment Service

Several apps enable you to send money without giving away your bank details. The most popular of these include PayPal, Payoneer, and CashApp. You can sign up to these eWallets for free. However, there may be fees when sending money.

4. Use Monzo

Monzo is a bank that makes it easy to send money. If the recipient also uses Monzo, you only need to give them your phone number. The recipient can find you through the app. You can sign up to Monzo for free and get £5 free cash as a bonus. Click the button to sign up:

Read my Monzo review for more details.

Frequently Asked Questions

What Are the Risks of Sending Bank Details Through Email?

Sending bank details via email is risky due to the potential for hacking and interception. Cybercriminals can gain unauthorised access to emails and use the information to commit fraud or identity theft. Hackers can get into your account, exposing your banking information.

Are There Safer Alternatives for Sharing Bank Information?

Yes, there are safer alternatives for sharing bank information. Try to provide your bank details in person or over a secure connection like a telephone call. You can also use encrypted messaging services or secure payment platforms. These protect your banking information during the transaction process.

Is Sharing an IFSC Code and Account Numbers by Email Secure?

Sharing an IFSC code and account numbers by email is not secure. Email accounts are vulnerable to hacking and interception. Use more secure methods, like secure messaging services, to relay your banking details.

What Precautions Should You Take When Sending Bank Details via Email?

If you must email bank details, take the following precautions:

1. Ensure you have a strong and unique password for your email account.
2. Enable two-factor authentication for added security.
3. Don’t use public Wi-Fi while sending sensitive information. These networks are more prone to hacking.
4. Consider encrypting the email or sensitive details within the email.
5. Double-check the recipient’s email address to avoid sending your information to the wrong person.
6. Delete the sent email from your “Sent” folder. Clear your email trash to minimise the chances of someone accessing your information later.

Is It Safe to Send Bank Details by Email? Summary

Sending bank details by email is not safe. There are several reasons why you should never put your account information into an email, including:

• Emails are not securely encrypted.
• Your password may be weak.
• You may have malware on your computer.
• You could be sending your details to a scammer.

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