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How to Protect Your Bank Account from Fraud and Identity Theft as a Bangladeshi Expatriate

17 Jul 2023

Extreme caution is needed to guard against online financial fraud!

As a Bangladeshi migrant living in a foreign country to earn a living, you can find it pretty easy to send money to Bangladesh to offer financial support to your family back home. You can do this by using technology in its different manifestations.

But have you ever thought about online financial fraud?

Do you know what are the different types of fraud that you can be subjected to as an expatriate during the remittance transfer process?

Well, in all likelihood, you may have a slight idea about financial scams. But one of the most common scams is identity theft.

Identity theft is one of the most common financial frauds several migrants are subjected to. The reason behind the rise in identity theft crimes is that it is associated with your bank account that you have in a foreign country.

This blog will guide you about identity theft and will share some important tips to guard against this fraud.

A Brief Background of Bangladeshi Diasporas

Arab News said, sourcing its data from Bangladesh’s Bureau of Manpower Employment, that about 10 million Bangladeshi migrants are living in foreign countries for different purposes.

The same report said that the government is planning to send 1 million more migrants to foreign countries to diversify its labor migration destinations. One of the primary reasons behind the initiative is to boost the flow of inward remittances, which serve Bangladesh’s economy as a financial lifeline.

According to a report by Statista, the volume of inward remittances to Bangladesh in 2022 was $21.5 billion.

One of the primary requirements for expatriates, after they land in foreign countries, is to open a bank account. Because the trend to deal in cash in most developed countries is on the decline, and people find it convenient to manage their money virtually and digitally. For this purpose, opening a bank account is essential.

That you should use your bank account for a money transfer to Bangladesh is not mandatory, but having one helps you better manage your finances and fulfil your employer’s requirement of opening one.

 But here is the catch!

You become vulnerable to identity theft when you open a bank account in a foreign country. Because although remittance transfers with banks are not ideal, some Bangladeshi migrants still prefer to send money to Bangladesh through banks. 

Let’s now understand identity theft.

Understanding Identity Theft

Identity theft happens when someone gets your sensitive data to steal money from you. An identity thief can steal money from your bank or investment accounts. They can open new credit lines, get utility services, use insurance information to get medical treatments and even steal your tax refund.

You become prone to identity theft if your bank account number, social security number, or credit card information is stolen.

Therefore, be careful while disposing of papers containing your sensitive information because some identity thieves sift through trash bins to find your credit card or bank account statements.

The National Council On Identity Theft Protection reported that identity theft is a serious challenge for people who use online financial services, including banks, for online shopping and that the market for identity theft protection services is likely to reach a hefty $28 billion by 2029.
Take a look at some of the alarming identity theft statistics below.


Quick Statistics about Identity Theft

  • Out of 5.7 million total fraud reports the FTC received, 1.4 million were about identity theft cases.
  • With 395,948 reported cases, identity theft tops the list of Government Documents or Benefits Fraud.
  • The median loss suffered due to identity theft is around $500
  • Total losses as a result of identity theft are estimated to be $10.2 billion

Keeping an eye on these statistics, it becomes essential to exercise caution while using your bank account, whether for online shopping or an online money transfer to Bangladesh.


Do you know whether a bank refunds a fraudulent transaction or not?

Well, click HERE to know all you must about such a scenario.


Let’s now see what steps you can take to guard against identity theft.

Tips to Prevent Identity Theft

Where you can report the crime to your concerned bank branch or a financial institution, the following tips will help you prevent identity theft from occurring.

Collect Mail Daily

Make sure to collect your mail daily from the mailbox. Most banks still send you bank statements and credit card bills through paper mail. These documents carry your personal financial information and can leave you vulnerable to identity theft if left unattended.

Check Your Bank Statement

You must check your bank and credit card statements frequently. And the critically important point is to check these statements each time you make a transaction. Regularly checking can keep you on alert about the scam.

Shred Sensitive Documents Properly

Always shred each document containing your personal information properly before disposing of it. An identity thief can get hold of such a document and deprive you of your money.

Use Different and Strong Passwords for Different Accounts

Make sure to use strong passwords, each one of them different for different accounts. Never use any hint in a password about yourself, your family and other related matters. Use, instead, awkward and unique passwords, and to remember them, use tools like password manager.

Review Your Credit Reports Regularly

Whenever you get your credit report, make sure to check it and compare the current one with the previous one. This will highlight discrepancies if any. How much time intervenes between two credit reports depends on your subscription plan.

Keep Antivirus Software Updated

Use strong antivirus software and keep updating it regularly. It should be installed both on your smartphone and your computer or any other device you may use for financial transactions.

These tips will help you guard against identity theft.

The Way Ahead

The threat of identity theft arises when a) you fail to handle your sensitive data with care and b) when you try to transfer remittances through banks. But if you send money online to Bangladesh with ACE Money Transfer, you will be automatically guarded against this scam and will get speed, safety, wider service access, and market-competitive currency exchange rates from one window just for a low fee.

Frequently Asked Questions (FAQs)


  1. What is identity theft?

Ans. Identity theft is one of the several financial scams. It occurs when someone steals your personal information to commit fraud. This fraud can include stealing money, tax refunds, and making fraudulent transactions.

  1. How to protect a bank account from identity theft?

Ans. You must take the following steps to ensure your bank account’s safety:

  • Check your bank statements regularly
  • Use awkward and strong passwords for different accounts
  • Share your information online with extreme care
  • Shred and dispose of your documents properly
  1. What to do if my bank account is compromised?

Ans. Contact your bank immediately if you think your account has been hacked. Place a request to freeze your account and block the cards right away.

  1. What are the signs that my account is hacked or compromised?

Ans. The following signs must set the alarm bells ringing:

  • Unauthorised transactions from your account
  • Changes in your account balance without your knowledge
  • Missing bank statements
  • Fake calls from scammers pretending to represent your bank and phishing emails
  1. What is the result of identity theft?

Ans. The consequences of identity theft are grim and can include loss of money, credit score damage, and legal complications.


  • Bangladeshi diaspora

(Bangladesh sets target to send 1 million workers abroad in 2022 | Arab News)

  • Inward remittances

(Bangladesh: value of remittances 2022 | Statista)

  • Identity theft statistics

(2023 Identity Theft Facts and Statistics)

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