How To Deal with Banking Frauds

By Subodh / March 12, 2013

Bank fraud is at an all-time high and there are several approaches that you can take to this situation. In the unfortunate event that bank fraud happens to you, you need to know what to do and how to get things done. As long as you take these proper steps, you will be able to deal with bank frauds and prevent it from happening a second time.

The Eye

Spotting fraudulent charges is a little more difficult than some people would like to believe. A lot of people put their trust within their banks and leave it at that. No matter how trustworthy you believe a bank is, keep in mind that mistakes can and do happen. You will need to know how to spot these charges and take the necessary approach to have things corrected.

Organization

Being organized is a major part of banking frauds. Many people do not bother to check their accounts until they need something or until something has gone terribly wrong and there is nothing that anyone can do about it. If you are unorganized, it will be difficult to spot and fraudulent charges that have been made. To keep your finances in perspective, check your account on a daily basis. You may not think that you need to do this every day but when you are able to catch these charges as they happen or a little time after these charges have taken place, the options to correct things are a lot better than waiting too long, trying to fix things.

How to Deal with Banking Frauds

Charges

If you unfortunately happen to spot any of these charges, there are a few steps that you will need to take immediately. The more time that passes, the greater the risk of having to start from ground zero. When you take a significant amount of time to have these charges handled, the options that are available to you will be slim. With some banks, you will be able to reverse the charges and get all of your money back with no associated fees.

Reporting

All of the steps that are associated with reporting vary. Depending on where you decided to bank, they will have several suggestions for you. When you suspect any questionable activity taking place on your accounts, you will need to report this immediately. In this instance, you should call your bank and discuss these matters. The bank will be able to do a lot more than you will be able to at this time. They will be able to look at your account to confirm your accusations. Once this has been done, they will discuss several options that are currently available to you.

In most instances, people decide to cancel any accounts that they have. This will mean that debit, credit an ATM cards will be cancelled immediately. Once these cards have been cancelled, you will not be able to reactivate them. You will have to order new cards and wait until you receive them in the mail.

The other unfortunate factor in this situation is that most debit cards can be run as credit. This is great news for the thief but for the victim, this is some of the worst news. Being that a debit card can be used as credit for several transactions, the thief does not need to know the PIN number to access any money that is in the account