Bank fraud can take many forms, from Nigerian letter schemes to paying you with a forged check to hacking a computer system to steal your bank account information.Criminals are constantly looking for new ways to trick you out of your hard-earned money, and once the transaction has ended it can be difficult to catch them.If your bank account is compromised, you need to act fast to report the fraud and minimize your losses.
Step 1: You have to give all the information about the transaction.
If you want your bank to act quickly to help you minimize your losses, you need to pull together any documents you have.Make sure you have your bank account number and debit card number.If you think your information was stolen as a result of a data breach at a retailer, you may be able to tell your bank that you spent money at that location during that time.
Step 2: Find the correct number.
The number of hotlines for reporting fraudulent activity varies depending on whether the fraud involves personal or business cards.Depending on whether your account is a business account or a personal account, Wells Fargo has several different toll-free phone numbers.If your bank has a toll-free number, you can call it at any time of the day or night.You can call the general customer service number or stop into a branch if you can't find the number.After you've reported the suspected fraud, you should send a letter to the bank detailing what the representative said would be done to counteract it.
Step 3: Your card should be canceled.
If your debit card number was stolen or caught up in a data breach at a retailer, the card should be canceled and a new one issued as soon as possible to avoid further loss.Federal law limits your liability when you report a stolen card.Once you learn of the fraud or theft, it's important that you act quickly.If you report the fraud within two days, you can be held liable for up to $50 of unauthorized charges.You could be liable for up to $500 if you wait longer than that.Federal law gives your bank 10 days to investigate fraud and restore stolen funds.You will be out any money that was taken from your account to cover a fraudulent transaction.You can refuse payment during credit card disputes.
Step 4: Take care of your bank account.
Review your account activity regularly to make sure you don't make any more unauthorized transactions after you've reported the fraud.You should check the transactions at least once a day if you have online access.Right away, report the smallest unauthorized transaction.Even months after the original incident of fraud, fraudulent charges may continue to occur.
Step 5: You can find the contact information for the police department.
You can file a report at your local police department, and some have dedicated hotlines for reporting financial fraud.It is possible to file a report in person at your local precinct.Some police departments have online forms you can fill out to report financial fraud.You can find contact information for local law enforcement agencies nationwide at http://www.usacops.com.
Step 6: Information about the fraud should be gathered.
Make copies of any relevant documents and organize your information to submit your report.If you want to understand what constitutes fraud, you should review your state's law.Police will not conduct further investigation into your report if there is no evidence that a crime was committed.Criminal fraud can be defined as theft by deception.The person or business gave you false information so they could steal from you.
Step 7: Your report should be submitted.
Provide a report to the police department if you have all of your information organized.Any behavior or statements that led you to believe the transaction was fraudulent should be included in a chronological description.If you can remember the times and dates, make your description as detailed as possible.If the bank fraud involves possible identity theft, you should submit your report in person and bring along proof of your identity and current address such as a driver's license.
Step 8: You can get a copy of the police report.
You will need to submit a copy of the report to your bank or other entities if you want to resolve the situation.Provide a copy of the police report to your bank if you've already spoken to a bank representative about the fraudulent activity on your account.Attach a copy of the police report if you have to file affidavits with other businesses or banks.
Step 9: Give any further investigation a try.
As police officers look into your report, they may contact you for more information.If you have a reference number for your report, you can call the police department to check on the status of your complaint or find out if an investigation is taking place.
Step 10: You can visit the website.
If you have a problem with your bank's handling of your situation, you can file a complaint with the Consumer Financial Protection Bureau.The CFPB compiles a database of complaint information for public consumption, as well as helping you resolve your complaint.Personal information is not included in the complaint information.Federal and state law enforcement agencies are given complaint information.
Step 11: The correct product or service should be chosen.
To begin your complaint, you need to tell the CFPB about the banking or financial service you are talking about.If your complaint relates to your bank account, you would choose "bank account or service."If a credit card was involved, you may want to look at a different option.
Step 12: Information about the incident you want to report can be gathered.
You can attach documents to your complaint if you have correspondence with your bank.If you can provide any information that will help the CFPB understand the problem you're having, they will be better able to assist you.
Step 13: Write your complaint.
You should include contact information for yourself and your bank.The CFPB will be forwarding your complaint to your bank, so there must be enough information for the bank to identify you and resolve your problems.
Step 14: You can review and submit your complaint.
Before you submit, you should review the information you included and make sure it's complete and accurate, then print a copy of your complaint for your records.You can call 855-411-CFPB if you want to file a complaint.You can track your complaint's status after you receive a confirmation email from the CFPB.
Step 15: Wait for the bank's response.
After you submit your complaint, the CFPB will forward it to your bank, which has 15 days to respond to you and the issue.Banks are usually able to resolve a complaint within 60 days.When there is a change in your complaint's status, the CFPB will send you an email notification.You don't have to keep checking and logging in.
Step 16: Provide feedback after reviewing the bank's response.
You can give feedback on how the bureau handled the issue when the bank responds to your complaint.Depending on the situation, your bank may communicate with you directly or through the CFPB.It is possible that another agency is better able to help you with your issue.If that is the case, the CFPB will give you an update on the status of your complaint and send it to the other agency.
Step 17: The FTC has a complaint assistant website.
You can file a complaint with the FTC about businesses that engage in fraudulent activity.The FTC compiles your information into databases that are used by federal, state, and local law enforcement to uncover patterns of criminal activity.
Step 18: The appropriate category and sub-category should be selected.
You have to place your complaint in one of the FTC's categories before you submit it.You can use the sub-categories to better understand the types of complaints within each category if you're unsure about where to place your complaint.If the suspected fraud doesn't fit into one of the FTC's categories, there is an "other" category.
Step 19: Information about suspected fraud can be entered.
Information about yourself, the individual or company that perpetrated the fraud, and details about the incident are included in the FTC complaint form.You do not need to give personal or contact information for yourself.If your complaint becomes the focus of further investigation, the FTC or other regulatory or law enforcement agencies will not be able to contact you.You can describe the fraudulent incident in your own words as part of the complaint process.Personal details such as your bank account or Social Security number should not be included in the description.
Step 20: You should review your complaint.
Before you submit your information, the FTC gives you the chance to look over it and make any changes.You should print a copy of your complaint if you're satisfied that the information you entered is complete and accurate.
Step 21: You can submit your complaint to the FTC.
Federal, state, and local law enforcement agencies can use your complaint to investigate and prosecute fraud.