The safety of sort codes and account numbers – can someone take money from your account with these details?

Research indicates that globally, around 69% of adults have a banking account, which means that a large majority of the adult population does some form of banking and engages in money transfers through their bank account numbers.

But in which cases is it safe to give someone your sort code and account number? In the world of fast-paced technology, we might have to reveal our bank account details to strangers via email, phone, or face-to-face. But how safe is it to do so?

We cover this topic here in this blog post, so keep reading to find out the answers.

What is a sort code?

Bank sort codes are a type of identifier that is used in banking or transferring payments. In the UK, a sort code consists of six digits. The breakdown of the digits is as follows. The first two represent the bank or financial institution in question, and the remaining four digits represent the branch where the bank is located.

If you aren’t sure where to find your sort code, you can look at either your bank statement or log into your online banking or mobile banking app to get these details. It is worth noting that a sort code is also sometimes called a bank routing number.

What is an account number?

In the UK, your account number is an individualised bank account number linked to your debit card or credit card account, which identifies your personal bank account. You can use this account number to make local and international payments and to receive payments, too.

For international payments, you will need to have the recipient’s IBAN number as well as their Swift code or bank identifier code (BIC) code. It can range from eight to 11 digits and identify the global bank or financial institution you will be making the transfer to. 

Can somebody steal money from your bank account with a sort code and account number?

In many cases, giving out your account number and sort code is a necessary part of life. For example, it is one of the ways in which your employer can transfer your salary to you when you want to transfer money to a friend or family member or when you’re making online purchases.

Therefore, revealing information about your account number and sort code is not necessarily a cause for concern.

However, in the age of fraud, money laundering, and identity theft, it is important to consider whether someone can take or steal money from your bank account with information about your sort code and account number.

You should consider the following tips:

• Generally, a hacker would need a combination of personal data. It includes date of birth, Identity Number, PIN, full name, address, the full card number on the front of the card, its expiry date, and CVV number at the back to make payments fraudulently with your credit or debit cards.
• Do not use public networks when doing online banking, such as transferring money
• Avoid giving out your banking details and card number to people you do not know or expect money from.
• Double-check the source of funds you’re expecting – is it an expected payment? Is it from a legitimate source? Remember to do your research.
• Choose the direct debits option available from your bank to ensure your monthly bills are covered on time.
• Monitor your monthly credit reports closely to watch out for any transactions that seem out of the ordinary.

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Are there any risks in sharing bank details?

We make numerous payments every month – big and small – whether you’re paying for a mochaccino, the rent for your accommodation or if you’re a business, paying your employees their salaries.

The good news is that it isn’t possible for your account to be hacked with just an account number. In fact, cheques have this and other information on them, and they are safe to use, although they are not as frequently used as they were in the past.

How to protect your bank details

Making payments is a part of life. But how much information should you share? And is it safe to give a bank account number to strangers?

Let’s find out a bit more about the subject of account numbers below:

• Generally, there isn’t a problem with this scenario as strangers can only deposit money into your account and not take money out of it with just your account number, but you should always exercise caution and remain vigilant.
• Only provide your different account number details to trustworthy sources like your employer, family members, suppliers, etc. where payments are actually expected.
• Do not provide your bank details to people you don’t know, and don’t accept money from strangers in order to avoid becoming involved in fraudulent or illicit activities.

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Conclusion: Staying safe with banking details

Overall, there’s very little someone can do with just your account number and sort code apart from making a deposit into your account in order to pay you.

However, always be vigilant about whom you share your personal details with. Remember never to share your PIN with anyone. We hope that these tips have helped you identify when and when not to share your account information.

In case you still have concerns that you’ve been a victim of this type of misuse of personal banking information, you can always check your merchant account via the mobile App or contact us at [email protected] for further assistance.