If you’re one of the thousands of people with a bank account sitting around going unused, it might be time to close it, with experts warning dormant bank accounts are like “honey pots” to hackers.

This is mainly because you’re not regularly checking them, according to Shameela Gonzalez, Industry Lead for Financial Services at CyberCX, one of Australia’s largest cybersecurity companies.

In Australia, an account is considered ‘dormant’ or ‘inactive’ when there’s been no activity for a period of seven years – a definition set by the Australian Securities and Investments Commission (ASIC). That means not having had any transactions, including deposits or withdrawals in that time.

Consumer behaviour influences whether a bank account is classed as dormant or not.Credit: Dominic Lorrimer

“Cyber criminals want to be able to steal funds from a place you’re not going to pick up quickly on,” says Gonzalez, who primarily works with banks, superannuation funds and insurance companies.

“Dormant accounts are really attractive compared with an account you’re frequently using, and therefore likely to pick up on........

© Brisbane Times