You’re not wrong to worry about getting scammed; fraud in general is on the rise (and ), with losses attributed to various kinds of fraud alone. And good old-fashioned bank fraud is on the rise, too—including , which might seem surprising since paper check use has been declining since forever. Although we write fewer checks, the of those checks has risen from an average of $673 in 1990 to , making them an attractive target.
But avoiding paper checks doesn’t insulate you from fraud. Paying for things online using credit cards or similar tools includes some , but there are times when using an e-check and having funds pulled directly from your bank account is preferable (when there’s a “convenience fee” for using a credit card, for example), or you might have money coming in via wire transfer. In either case, you’re suddenly faced with giving away your bank details—the routing number, account number, and wire transfer or SWIFT codes—in order to complete the transaction.
And you might reasonably wonder if it’s safe to just give this information away. The answer is: Yes, generally speaking. But that doesn’t mean you shouldn’t be careful.
A quick rundown of the relevant details we’re talking about here; when I say “bank details,” I mean: : A that identifies your specific bank. The number of digits in your account number varies. It’s a for a specific account at the bank or financial institution.
If you need to send or receive money internationally, yo.