Bank fraud claims

An introduction to bank fraud claims

As we’ve shifted towards digital ways of banking, bank fraud claims still persist as a prevalent concern for both financial institutions and their customers. When unauthorised or fraudulent transactions occur, it’s important to understand how banks handle such claims and the process of reclaiming lost funds.

At Claims Bible, we can help you navigate the complexities of making a bank fraud claim, ensuring that you receive fair compensation for this type of case. So let’s delve into what a bank fraud claim is, offer insights around handling the case and provide answers to common questions related to bank fraud claims.

How do banks handle fraud claims?

If you suspect fraudulent activity on your bank account, prompt action is of utmost importance. Banks have established procedures to handle fraud claims efficiently, so you’ll need to follow this process:

Contacting the Bank

The first step is to notify your bank immediately upon detecting suspicious or unauthorised transactions. This can typically be done through a customer service interaction, visiting a local branch, or using the bank’s online or mobile platform.

Filling Out Forms

Banks usually require customers to fill out a fraud claim form, providing details about the suspicious transactions, any relevant supporting documentation, and a statement affirming that they did not authorise the transactions in question.

Investigation

Once the bank receives your fraud claim, they will initiate an investigation. This process may involve reviewing transaction records, security footage, and communication logs to determine the legitimacy of your claim.

Resolution

After concluding their investigation, the bank will either confirm the fraudulent activity and make the reimbursement permanent or deny the claim if they find evidence that suggests the customer was responsible for the unauthorised transactions.

Do I need insurance for a bank fraud claim?

Having insurance specifically designed to protect against fraud can provide an extra layer of financial security. While it’s not mandatory when completing a bank fraud claim, some form of insurance can be beneficial. Some policies to consider include:

Identity Theft Insurance

This type of insurance typically covers expenses related to identity theft, such as legal fees, credit monitoring services, and the cost of re-establishing your identity.

Cyber Insurance

Cybersecurity insurance can protect individuals and businesses against financial losses resulting from cyberattacks, including fraud-related losses.

Credit Card Protection

Some credit card companies offer protection against unauthorised transactions, which can be considered a form of insurance.

How to claim money back from banking fraud

Reclaiming money lost to banking fraud is a multi-step process that requires patience and diligence. It can be a daunting experience, which is why our team at Claims Bible offers indispensable support during this time. Here’s a step-by-step guide on how the general process goes:

Contacting Your Bank

The first step is to promptly notify your bank about the fraudulent activity on your account. We can provide them with all the necessary details and documentation related to the unauthorised transactions on your behalf.

Cooperate with the Bank’s Investigation

We’ll work closely with your bank during their investigation. This includes responding promptly to their requests for information or additional documentation.

File a Police Report

If the fraud involves a substantial amount or identity theft, we may have to file a police report. We’ll provide them with all the evidence we have gathered.

Contact Credit Reference Agencies

To protect your credit, we’ll also contact the major credit reference agencies (Equifax, Experian, and TransUnion) and place a fraud alert on your credit report. This alert can help prevent additional fraudulent accounts from being opened in your name.

Monitor Your Accounts

You should continue to monitor your bank and credit card statements closely for any further unauthorised transactions. Report any new suspicious activity to your bank immediately.

Consider Legal Action

If the bank’s resolution is unsatisfactory and you believe you are entitled to a refund, we might want to explore potential legal action against the responsible parties, including the bank itself.

Rebuilding Your Financial Profile

After the resolution of the fraud claim, we can help you take steps to rebuild your financial profile, which may include working with credit repair agencies and following best practices for online security.

Can I prevent bank fraud entirely?

While you can’t eliminate the risk entirely, you can reduce it by regularly monitoring your accounts, using strong, unique passwords, and being cautious about sharing personal information online.

What is the difference between debit and credit card fraud?

Debit card fraud involves unauthorised transactions directly impacting your bank account balance, while credit card fraud involves unauthorised charges on your credit card, which can be disputed before you pay.

Is it safe to use online banking and mobile apps?

Online banking and mobile apps are generally safe when you follow security best practices, such as using strong passwords, enabling multi-factor authentication, and avoiding suspicious links or emails.