When There is a Fraud on Your Bank Account!

It is very painful to be a victim of a fraud on your bank account which is compromised by identity thieves. All bank frauds are not similar and different actions are required on different frauds.

There are three main types of fraud which are done by identity thieves - opening new accounts in your name which are fraudulent, making fraudulent electronic withdrawals and fraud with the paper transactions.
If your social security number is accessed by identity thieves, they can open a new bank account in your name. Your name may be same on the account but your personal information like your address can be different. And generally you may not be aware of this fraud unless you approach a bank to open a new account.

If you come to know about such an your account, you should immediately approach fraud departments of three main credit bureaus and request them to put a security freeze on your credit report. You should also simultaneously take steps to close such fraudulent account, and change you are present ATM card and your present pin number. You should 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 the thieves can be accelerated.
In the second type of fraud, your ATM card or your debit card may be compromised. If you lose such cards, you should immediately contact your bank so that you are no more responsible for the misuse of such cards. This action should be taken very quickly in order to prevent losses. Generally you are given a period of sixty days to complain about any fraudulent activity on your account after receiving your bank statement. The institution has to investigate your claim in 10 days and inform you about the results.

In the third type of fraud, your checkbook or other documents are stolen for misuse. When you find your checkbook missing, you should immediately inform the bank to put a hold on your checks and you should also close your account under which these checks were issued. You should also request your bank to notify to the Check Verification Service so that the retailers are informed about the fraudulent nature of these checks and they will not accept such checks in the future.

Whenever you make such complaints, you should make them in writing and keep a copy with you for all future reference.
The nature of legal action on these frauds will depend on the type of fraud. If the fraud is done by withdrawing electronically, the Federal law will apply to that case but if the withdrawal is done by checks or any other paper, the State law will be applicable. While making a complaint you should remember this difference.

If the thieves are snatching your hard earned money, you should immediately react. For this purpose you should regularly scan your bank account statements. If you are lazy, every day will provide additional opportunities for the thieves to damage your financial life and to get away with it.