Have you ever found yourself seeing notifications of debit alerts of transactions you did not authorize, debits of unscrupulous loan interest rates contrary to the agreed loan term, or perhaps you discovered discrimination and unfair transactions against you and your company by your bank and financial institutions from loan services, saving and investments? These are cases of bank fraud. Bank fraud is on the rise and despite some individuals taking precautions they still fall victim.
In this article, we will examine what to do in case of bank fraud, how to file a bank fraud and measures to protect yourself from bank fraud.
What to do in case of bank fraud:
When you discover unauthorized funds withdrawal from your bank account, unfair charges by your bank, and misleading bank decisions on your bank accounts, do the following steps below:
Block your card (debit and credit) pin and number: if you discover unauthorized funds withdrawal in your bank account from an unknown person, block your card pin to stop further withdrawal.
There are reported cases of fraudulent POS operation centers, you might have used one in your neighborhood or on a trip. Also, a third party might have gotten the details of your card numbers and pins.
To block your bank card, most bank apps when logged in provide the option to deactivate your debit or credit card, if that's not available then you will have to immediately call the customer care line and speak with a customer representative to do this.
Transfer your remaining funds: when you detect a bank fraud of unauthorized withdrawal of your funds from an individual, then your bank account is open for scammers to take advantage of, after you block your pin, transfer your remaining funds to another account to prevent further withdrawal.
Log in to all digital accounts having your card information and banking details, and remove your card linked to these accounts.
Stop all incoming payments to the account.
Keep all information relating to bank fraud. You will be needing this when you report to your bank or file a bank fraud.
If not satisfied with the bank's response and solutions, report to the police and file a bank fraud.
How to file a bank fraud:
When appropriate measures are not taken by your bank to correct the fraud, you can file a bank fraud. To do this, visit the regulatory body responsible for all banks in your community or state and file a bank fraud. You can do this online or in their office.
Alternatively, consult a financial lawyer, who will walk you through the process and take up a legal case against your bank, the financial institution, the company, or the individual.
Measures to protect yourself from bank fraud:
Keep your bank details and card pin safe, do not reveal them to a third party.
Have money dealings and transactions with trusted, registered, and verified financial companies.
Confirm financial services and investment channels provided by a company by the government and approved governing regulatory bodies.
Don't click on unsolicited links on emails registered with your bank accounts.
Have information such as a business address, boards of directors, and approved certifications of financial companies you want to have financial transactions and investments with.
Read thoroughly the terms, conditions, and privacy policies relating to transactions, loans, investments, and usage of financial products of your bank.
It can be painful to fall victim to bank fraud, but when this happens, follow the steps above and report to the bank for clarification if it has to do with misleading bank charges, and if you feel your bank had violated the terms and privacy agreement, you can take up legal case against your bank. This applies to any other financial institutions you have accounts with.
For more advice and information on dealing with bank-related issues visit Asknaij.com.