As most of money in the world is digital anyways, Why can’t people fake transactions to a Bank account or just add one or two zeros to the balance? What makes online banking so safe that this doesnt work?
Most of even well guarded things have been hacked in the past, so i would imagine it’s at least possible?
In: Technology
It’s not that it’s impossible, it’s just easier to break the piggy bank and take money out of it than it is to pretend to put money into it. Banks can check the piggy bank through systems like Swift which handles payment messages, as well as their own internal records and audit logs.
Hackers also balance risk and reward, there’s limited benefit to inflating your account when they could spend the time robbing the bank.
If I hacked your bank and increased the balance value of your account there’s also quite a few things stopping you from withdrawing that money (mainly send/withdrawal limits, limited cash in ATMs, approvals for large transactions) and nothing stopping the bank from returning the value to its original state after its discovered.
Hacks on banks do happen, you can read about some here: https://qz.com/12-african-countries-lost-11-million-to-hackers-1849751086
In one example the hackers had to use 400 mules accounts to withdraw money from ATMs overnight, that’s quite a bit of man power required to move money out.
Latest Answers