Fraud and Your Bank Account

No matter how securely you handle your account information you can still become a victim of fraud. Hundreds of thousands of dollars are stolen each year from bank accounts through various means. As a consumer it is important to know how fraud occurs and what to do if you are a victim of fraud.

Your debit card is the number one way criminals can use to access your account, so be cautious when, where and how you use it. Many retailers have found themselves the victims of clever hackers that have used their skills to access their payment terminals and steal their customerÂ’s information. As convenient as the debit card is learning to carry cash can actually help safe guard your account.

So what do you do if someone accesses your account with stolen debit card information? The first thing to do is to notify your bank immediately. Banking employees can quickly block debit card activity and keep any additional items from coming through. If you notice the fraud quickly enough many charges may be able to be sent back to the merchants where they were charged making for a quicker retrieval of you funds. In any case consumers need to know that they are protected by the law in cases of debit card fraud, and although you may have to fill out some time consuming paperwork your money is protected and will be returned to you.

Laws are very clear to protect the consumer and your banking institution should work with you to put back any funds that are lost to you as a result of fraud, however, it is not an overnight process and in some cases can take up to 10 business days to see your money returned to your account. The best thing the consumer can do is to take precautions before fraud happens to protect their debit card information and in turn protect their bank account as well.

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