Fraud cost the banking industry $2.2 billion in 2016 alone partly due to criminals using advanced methods such as counterfeit cards or ATM skimming devices. Criminals are also targeting online banking credentials, and it's important that you know what to do if you have reason to believe your login information has been compromised.
If someone has gained access to your bank account, you might notice some purchases you didn't make or a transfer to another account that you didn't authorize. Also, your debit or credit card may be denied because of insufficient funds.
In some cases, your financial institution will notice the unauthorized transactions and contact you. Its online portal may also display an error message and lock you out of your account if suspicious activity is detected.
It's imperative that you contact your bank, credit card issuer, or credit union right away if you suspect that someone has gained access to your online account. Some financial institutions even have a direct phone number for reporting suspicious activity. Otherwise, you can simply contact customer service.
Report transactions you didn't make, or explain that you believe someone has obtained your login credentials. You should also contact your bank or card issuer right away if you lose a debit or credit card, or misplace a checkbook.
Keep records of all communications with your financial institution. Policies vary, but you will typically only be liable for up to $50 in unauthorized transactions if you notify the financial institution within two business days.
Your financial institution will investigate the fraud and make sure that your account is secure, but don't hesitate to contact customer service again if you don't hear back in a couple of days.
To prevent further theft:
CFNA is here for you. You can contact our customer service team at 800.321.3950 to report a lost or stolen card, get help with your online account, or report fraudulent activity on your account.