“People who don’t look closely at their bills could go months with fraudulent charges on their account,” Clark says. This won’t actually prevent fraud but will help you find out about it more quickly. While it’s a good idea to review your bank statement as soon as it’s available each month, get in the habit of reviewing your account even more regularly. Never use the same login information for other accounts, and don’t write down your passwords in places that are easily accessible to others. If you bank online, remember to use strong and unique credentials so that crooks won’t be able to guess your password. This is one of those cases where an ounce of prevention … well, you know the rest. How To Protect Your Bank Account Against Fraud Send the letter via certified mail with a return receipt requested, the FTC says, so you can be sure that the bank received your correspondence. To document that you’ve reported the fraudulent activity on your account in a timely manner, the Federal Trade Commission (FTC) says you should write a follow-up letter or email to the bank explaining the issue. A normal thing that people do every day is report these fraudulent transactions,” Clark says on his podcast. “Contact your bank immediately and tell them there are fraudulent charges on your account. Dispute the Charges Right Awayīeing timely about reaching out to your financial institution and disputing the charges is crucial, Clark says. Here are some things you need to do to protect yourself in the event you discover fraudulent activity on your account. The good news is that if you report the fraudulent charges within 60 days after you get your statement, your liability is capped at $500. A calm head can help you handle this situation in the best way. If you find out that it has happened to you, first off, don’t panic. Money expert Clark Howard’s Consumer Action Center has been getting a lot of calls about fraudulent charges of late. How To Protect Your Bank Account From Fraud.How To Report Fraud on Your Bank Account.In this article, I’m going to tell you what you need to do if you find fraudulent charges on your bank account statement and how to prevent them. What To Do When You Discover Fraudulent Charges on Your Bank Account If you suspect that your bank account has fraudulent charges on it, the longer you wait to act, the less you can do about it. It can be frightening to look at your bank statement and notice transactions that you know you didn’t make.
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