It is very painful to be the victim of a fraud on your bank account that is compromised by identity thieves. Not all bank scams are similar and different actions are required in different scams.
There are three main types of fraud committed by identity thieves: opening new accounts in your name that are fraudulent, making fraudulent electronic withdrawals, and fraud involving paper transactions.
If identity thieves access your social security number, they can open a new bank account in your name. Your name may be the same on the account, but your personal information, such as your address, may be different. And generally, you may not be aware of this fraud unless you approach a bank to open a new account.
If you find out about your account, you should immediately approach the fraud departments of the three major credit bureaus and ask them to freeze your credit report. You must also simultaneously take steps to close such fraudulent account and change your current ATM card and current PIN. You must also file a police report on this fraudulent bank account.
It is also advisable to file a complaint with the Federal Trade Commission (FTC) so that actions to stop thieves can be expedited.
In the second type of fraud, your ATM card or debit card can be compromised. If you lose these cards, you should immediately contact your bank so that it is no longer responsible for the misuse of these cards. This action must be taken very quickly to avoid losses. Generally, you are given a period of sixty days to complain of any fraudulent activity on your account after receiving your bank statement. The institution has to investigate your claim within 10 days and inform you of the results.
In the third type of fraud, your checkbook or other documents are stolen by misuse. When you discover that your check book is missing, you must immediately inform the bank to hold your checks and you must also close the account with which these checks were issued. You should also ask your bank to notify the Check Verification Service so that retailers are informed of the fraudulent nature of these checks and will not accept such checks in the future.
Whenever you make such complaints, you should do so in writing and keep a copy for future reference.
The nature of the legal action on these scams will depend on the type of fraud. If the fraud is made by electronic withdrawal, federal law will apply to that case, but if the withdrawal is made by check or any other paper, state law will apply. When filing a complaint, you must remember this difference.
If thieves are stealing your hard-earned money, you need to react immediately. To do this, you should periodically scan your bank account statements. If you’re lazy, every day will provide additional opportunities for thieves to damage your financial life and get away with it.