How to Report Bank Fraud
Gather all the information you can about the transaction., Find the correct contact number., Have your debit card cancelled., Monitor your bank account.
Step-by-Step Guide
-
Step 1: Gather all the information you can about the transaction.
Before you contact your bank, pull together any documents or other information you have so your bank can act quickly to help you minimize your losses.
At a minimum, make sure you have your bank account number and debit card number handy.
If you think your information was stolen as part of a data breach at a retailer, it may be enough to simply tell your bank that you shopped at that location during the dates of the breach and your account may be compromised. -
Step 2: Find the correct contact number.
Most banks have a specific hotline for reporting fraudulent activity, but the number may differ depending on whether the fraud involves personal or business debit cards, credit cards, or online banking.
For example, Wells Fargo has several different toll-free phone numbers depending on whether your account is a business account or a personal account, and the specific product to which the suspected fraud applies.Typically banks have a toll-free number you can call at any time 24 hours a day, so you can alert your bank the moment your debit card or account information has been compromised.If you can't find the number, you also can call the general customer service number or stop into a branch and speak to someone personally.
After you've called and reported the suspected fraud, send a written letter that summarizes your report of the fraud and what the bank representative said would be done to counteract it., Particularly if your debit card number was stolen or caught up in a data breach at a retailer, the card should be cancelled and a new card issued as soon as possible to avoid further loss.
Federal law limits your liability for transactions processed with your stolen card number after you report it.It's important for you to act as quickly as possible once you learn of the fraud or theft.
You can only be held liable for up to $50 of unauthorized charges if you report the fraud within two days of its occurrence.
However, if you wait longer than that, you may be liable for up to $500.Additionally, federal law gives your bank 10 days to investigate fraud involving your bank account and restore any stolen funds.
In the meantime, you'll be out any money that was removed from your account to cover a fraudulent transaction.
In contrast, you can withhold payment during credit card disputes., Even after you've reported the fraud, review your account activity regularly to make sure there aren't any further unauthorized transactions.
If you have online access to your account, check the transactions at least once a day.
Report even the smallest unauthorized transaction right away.
Keep in mind that fraudulent charges may continue to occur even months after the original incident of fraud. -
Step 3: Have your debit card cancelled.
-
Step 4: Monitor your bank account.
Detailed Guide
Before you contact your bank, pull together any documents or other information you have so your bank can act quickly to help you minimize your losses.
At a minimum, make sure you have your bank account number and debit card number handy.
If you think your information was stolen as part of a data breach at a retailer, it may be enough to simply tell your bank that you shopped at that location during the dates of the breach and your account may be compromised.
Most banks have a specific hotline for reporting fraudulent activity, but the number may differ depending on whether the fraud involves personal or business debit cards, credit cards, or online banking.
For example, Wells Fargo has several different toll-free phone numbers depending on whether your account is a business account or a personal account, and the specific product to which the suspected fraud applies.Typically banks have a toll-free number you can call at any time 24 hours a day, so you can alert your bank the moment your debit card or account information has been compromised.If you can't find the number, you also can call the general customer service number or stop into a branch and speak to someone personally.
After you've called and reported the suspected fraud, send a written letter that summarizes your report of the fraud and what the bank representative said would be done to counteract it., Particularly if your debit card number was stolen or caught up in a data breach at a retailer, the card should be cancelled and a new card issued as soon as possible to avoid further loss.
Federal law limits your liability for transactions processed with your stolen card number after you report it.It's important for you to act as quickly as possible once you learn of the fraud or theft.
You can only be held liable for up to $50 of unauthorized charges if you report the fraud within two days of its occurrence.
However, if you wait longer than that, you may be liable for up to $500.Additionally, federal law gives your bank 10 days to investigate fraud involving your bank account and restore any stolen funds.
In the meantime, you'll be out any money that was removed from your account to cover a fraudulent transaction.
In contrast, you can withhold payment during credit card disputes., Even after you've reported the fraud, review your account activity regularly to make sure there aren't any further unauthorized transactions.
If you have online access to your account, check the transactions at least once a day.
Report even the smallest unauthorized transaction right away.
Keep in mind that fraudulent charges may continue to occur even months after the original incident of fraud.
About the Author
Theresa Sullivan
A passionate writer with expertise in DIY projects topics. Loves sharing practical knowledge.
Rate This Guide
How helpful was this guide? Click to rate: