Monday, October 3, 2022

How To Report Bank Fraud

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Tips On Protecting Yourself From Fraud

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Here are some reminders to protect yourself against these attacks:

  • Be skeptical when you receive messages from any sender. Security Bank will never ask for your OTP, CVV, and PIN via call, text or email.
  • Ask questions and probe further. Fraudsters are trained to sound very convincing. Dont be afraid to ask questions to verify the legitimacy of a call.
  • Scrutinize emails and text messages received. It helps to pay close attention to messages you receive. Check for grammar or spacing errors.
  • Check the legitimacy of links provided. Dont be too quick to click. If the URL starts with https:// it is verified and secured.
  • Contact us through the number/s or email address found on our official website. Dont rely on details provided by the caller or email that you received.
  • Keep track of your account by regularly checking your transaction history or bank statements. Fraudsters usually test with small random amounts.
  • Keep your contact details private. Refrain from posting personal information, online shopping waybills, IDs, etc., on social media.

Want to learn more tips on protecting yourself from fraud? .

What If My Bank Rejects My Claim

Your bank might reject your claim for a refund if they believe they can prove that you have been grossly negligent or acted fraudulently.

This doesnt have to be the end of the matter though you can complain to the bank.

If youre not happy with the way your complaint has been dealt with, you can then take your complaint to the Financial Ombudsman Service.

How To Report Financial Fraud

For all types of financial crime you should contact at least the following agencies:

For support reporting specific types of fraud please contact VictimConnect Resource Center or report to the following organizations:

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My Credit Card Has Been Used Fraudulently

If someone makes unauthorised payments on your credit card, youre covered under the Consumer Credit Act.

This means you should be able to claim your money back as youre jointly liable with your credit card issuer.

As with debit cards, you might be liable for the first £50 spent if the card is lost or stolen. However, this is often waived if you report it quickly and were not negligent in any way. Its up to the card company to prove you were negligent.

Tip #: Monitor Your Accounts Closely

How to report bank account fraud

Always monitor your accounts diligently and review every bank statement carefully. Look out for suspicious activity, such as an unauthorized transaction, unknown loan documents in your name, or being denied credit unexpectedly.

Theres no such thing as being too careful when looking over your transactions. You should regularly check your transaction history and set up account alerts that help you monitor your money and keep your accounts safe.

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S You Can Take Now If You Believe Your Identity And/or Account Information May Have Been Compromised:

Contact your financial institutions and creditors

  • Speak with the fraud department and explain that someone has stolen your identity.
  • Request to close or freeze any accounts that may have been tampered with or fraudulently established.
  • Make sure to change your online sign-in credentials, passwords and PINs.

Check your credit reports and place a fraud alert on them

  • Receive a free copy of your credit report at annualcreditreport.com layer .
  • Review your credit report to ensure that unauthorized accounts are not opened in your name.
  • Report any fraudulent accounts to the appropriate financial institutions.
  • Place a fraud alert by contacting one of the three credit bureaus : Experian layer , TransUnion layer or Equifax layer .

Contact relevant authorities

  • Contact ChexSystems to place a security alert on any compromised checking and savings accounts when a deposit account has been impacted.
  • Contact the Federal Trade Commission layer to report an ID theft incident.
  • File a report with your local law enforcement. Be sure to get a copy of the report to submit to your creditors and others that may require proof of the crime.

Replace your stolen identification

  • If your driver’s license has been stolen, contact your local Department of Motor Vehicles.

If You Sent Money To A Scammer

It might be harder to get your money back if you sent money to someone because of a scam – for example, if you paid a fake invoice or bill. This type of scam is known as an authorised push payment.

Most banks have signed a voluntary agreement to refund you if youre in this situation. Youll have to show:

  • you followed any security warnings from you bank

  • you believed the transaction was genuine

  • you werent being careless when you made the payment

If youre worried you were being careless because you fell for a scam, its still worth asking your bank for a refund.

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Reporting An Incident After The Fact

If you’re worried you might have compromised your Chase account, please contact us immediately. The sooner we know what happened, the sooner we can help you.

  • Your credit or debit card number
  • Personal information about you, such as your Social Security number or taxpayer identification number
  • Your chase.com sign-in information, including your user name and password

For more information, please read our Identity Theft Kit .

Hoax Calls And Messages

Report Bank Fraud

If you have received a hoax/suspicious email or text claiming to be from ANZ:

  • Do NOT click on any links.
  • Immediately forward the email or SMS to
  • Delete it from your inbox.
  • Contact ANZ immediately if youve:

    • accidentally clicked on any links or downloaded any attachments
    • noticed any unusual transactions on your accounts

    Remember that ANZ will never send you an email asking for your account details, financial details, or your log in details for ANZ Phone Banking, ANZ Mobile Banking or ANZ Internet Banking.

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    Getting Your Money Back

    Your bank should refund any money stolen from you as a result of fraud and identity theft. They should do this as soon as possible – ideally by the end of the next working day after you report the problem.

    The bank can refuse to refund you if they find you acted fraudulently or were grossly negligent – for example, if you shared your pin or password with someone else.

    If the bank won’t refund your money, you’ll only be able to get it back by taking the person who stole it to court.

    How Do I Report Bank Fraud

    Bank fraud is an illegal activity that has a negative impact on both financial institutions and the individuals and businesses that do business with those institutions. Fraud of this type can take on many forms, with some schemes initiated by people working within banks and others originating with others outside the structures of the institutions to conduct unauthorized transactions. Fortunately, it is possible to identify and report bank fraud, possibly leading to the arrest and conviction of the individual or entity that is guilty of the fraudulent activity.

    Bank customers often report bank fraud directly to their banks, a move that usually leads to an internal investigation that eventually expands to include law enforcement agencies and possibly national trade agencies. The reporting is usually triggered by recognition of some sort of unusual activity involving a customers bank accounts, often a savings or checking account. Once reported, the bank will normally take steps to protect both the interests of the customer and the bank itself, which in turn launches the investigation.

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    Report Scams That Use Royal Mail

    You might also have received fraudulent papers in the post. There are a few steps you can take. You can:

    • forward the letters to Royal Mail with a covering letter explaining whats happened to: Freepost Scam Mail, PO Box 797, Exeter EX1 9UN
    • or call explaining the fraud
    • contact The Mailing Preference Service who will remove your name and address from mailing lists. You can call them on or use the MPS website

    Signs That You May Be A Victim Of Bank Account Fraud

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    You may be a victim of bank account fraud. Watch out for the following signs:

    • Withdrawals from your bank account that you can’t account for
    • You stop receiving bills or receive calls and emails from bill collectors for late bill payments
    • Additional medical expenses charged to your account or denial of medical benefits on account that you already claimed the benefits
    • Notification by IRS that you filed for multiple tax returns
    • Your bank account reports don’t align with your account balance

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    Fighting Fraudhow To Report A Fraud

    Regardless of whether the fraud is only suspected or is a confirmed incident, always notify the bank right away. Promptly reporting any possible fraud increases your chance of recovery and helps protect others.

    You can make a report by:

    • Contacting your local Standard Chartered office. Locate the nearest office to you here.

    Stay informed on the latest scams

    Being aware of scams and knowing what to look for is the key to protecting yourself against fraudsters. Here are some of the latest scams to watch out for.ut/fighting-financial-crime/fighting-fraud/alerts/

    Reporting To The Federal Trade Commission

  • 1Visit the FTC’s Complaint Assistant website. The FTC maintains a website where you can file complaints about individuals or businesses that engage in fraudulent activity.
  • Although regulatory agencies such as the FTC don’t investigate or resolve individual complaints, they compile your information into databases that are used by federal, state, and local law enforcement to uncover patterns of criminal activity.XResearch source
  • 2Select the appropriate category and sub-category. Before you submit your complaint, you must first place it in one of the FTC’s categories.
  • If you’re unsure about where to place your complaint, you can use the sub-categories to better understand the types of complaints within each category. There is an “other” category if the suspected fraud you’ve encountered doesn’t fit into one of the FTC’s categories, or isn’t accurately described by any of the sub-categories.XResearch source
  • 3Enter information about the suspected fraud. The FTC complaint form includes space for you to enter details about yourself, the individual or company that perpetrated the fraud, and details about the incident.XResearch source
  • You don’t have to provide personal or contact information for yourself. However, if you choose to remain anonymous, the FTC or other regulatory or law enforcement agencies will be unable to contact you if your complaint becomes the focus of further investigation.XResearch source
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    What Is Bank Fraud

    Bank fraud is a broad term for using deliberate deception to steal money or assets from a bank, financial institution, or a banks depositors. The term financial institution is defined by federal law to include banks and credit unions that are federally insured, such as by the Federal Deposit Insurance Corporation .

    According to Title 18 of the U.S. Code , bank fraud involves the use of a scheme or artifice to obtain something of value. The person committing the fraud must knowingly be involved in order for their actions to legally be considered as bank fraud.

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    This is called ‘identity theft’. If you start getting bank letters, bills or letters from debt collectors that you know nothing about, this might have happened to you.

    You should contact your bank straight away and let them know. Keep a record of all conversations you have with the bank and copies of letters to do with the fraud. The bank will investigate, take action to protect your accounts and refer the crime to the police.

    If you think someone has applied for credit in your name, for example because you’ve had letters about loans or credit cards you didn’t apply for, you should also contact the main credit reference agencies. Explain you’ve been a victim of identity theft and ask them what credit accounts or services are on your file. Tell them which ones you didn’t apply for and ask for the information to be removed.

    The credit reference agency will contact those companies listed on your file to sort out the accounts that were wrongly opened in your name.

    You should contact all 3 agencies as each one might only have part of your file. You can contact the following:

    You can also ask the credit reference agency to add a password to your file – this is called a notice of correction password. The credit reference agency will ask you for the password if you apply for credit.

    If you think someone has got your details by stealing your post, or by getting mail redirected, contact the Royal Mail Customer Enquiry Number on 03457 740 740.

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    What We Are Trying To Achieve

    We have a clear vision of what it is we are trying to get changed. There are four key requirements that will greatly improve an institutions ability to deal with a report of a fraudulent account. All requirements are measurable so their compliance will be easy to assess. These requirements are listed below.

    • Clear visibility of fraud reporting links within the top third of a financial institutions website
    • A phone number to report account fraud within 1 or a maximum of 2 clicks of visiting a financial institutions website home page
    • 24/7 reporting where possible
    • Fraud education pages to be mandatory on all financial institutions websites

    Report Online Shopping Scams And Payment Fraud

    It can sometimes be difficult to work out if youve been the victim of a scam or not. But, if something goes wrong with an online purchase, here are the steps to take:

    • If youve been sent a defective item, or the wrong product, get in touch with the online seller you got it from.
    • If you dont hear back, or youre not happy with their response, you should contact your card provider, for example VISA or Mastercard.

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    How Do Banks Investigate Fraud

    The fraud investigation process will vary by financial institution, but for the most part if consumers are being targeted, most banks will take the following steps to investigate the fraud.

  • Step 1: Look for indicators of fraud
  • Step 2: Investigate the case
  • Step 3: Notify law enforcement agencies
  • Step 4: Reimburse stolen funds
  • How To Correct Bank Account Fraud On Your Own

    Types of Bank Fraud

    Handling bank account fraud is stressful, and it is difficult to do it on your own. That is because it involves a lot of back-and-forth communication that doesn’t always yield a pathway back to your previous financial state.

    Many people give up on their bank account fraud cases because they don’t see a progression. This shouldn’t ever happen, and it won’t if you get outside help.

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    Be On The Lookout For Fraud

    While ANZ works around the clock to help protect your accounts from fraud, it’s important to be aware of the risks regardless of your age, background or income.

    Learn how to identify fraud and how to protect yourself from common scams, and always contact us if you notice any unusual activity on your cards or accounts. Were here to help 24 hours a day, 7 days a week.

    How To File A Police Report For Bank Account Fraud

    The first place to file a police report for bank account fraud is with your local police department. Depending on the size of your town, they may have a fraud department. At the very least, your local police department should be able to take a report and create a case number.

    You should also report all incidents of bank fraud with the Federal Trade Commission . You can report a fraud on the FTC’s website.

    Many bank account fraud cases are not solved because the perpetrators are part of organized crime rings that may act outside of the country. Reporting your case to the proper authorities ensures that there is a record of your loss, so you can resolve related problems and potentially seek compensation.

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    Fair Credit Billing Act

    The Fair Credit Billing Act is actually an amendment that was added onto TILA. It protects consumers from unfair billing practices by creditors. It also gives consumers an avenue to dispute unfair or inaccurate credit charges without accruing interest in the process by requiring creditors to investigate and address billing disputes within two billing cycles.

    Example of this law in action: Say you used your credit card to pay for a dinner out, and the restaurant accidentally charged your card twice. According to the FCBA, once you dispute the incorrect charge, your credit issuer must investigate and resolve your dispute within two billing cycles , and during that time, they cant ask you to pay for the disputed charge or charge you interest for not paying it.

    Optional Step : Contact The Consumer Finance Protection Bureau

    5 Ways to Report Scam Bank Accounts

    This step isnt strictly necessary, but its another avenue for reporting a bank if the others arent getting you the resolution youre looking for. You can go to the Consumer Finance Protection Bureau website to fill out a complaint form, attaching any evidence or supporting documents you have about your complaint. The CFPB will then forward your complaint to the bank, and work on your behalf to get a response from the bank, usually within a few weeks.

    CFPB complaints are all published on the Bureaus website, which adds more accountability and encourages banks to work to resolve them quickly.

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