Stealing from a bank account or financial transaction, broadly categorized as bank fraud, involves using illegal means or deception to obtain money, assets, or property from a financial institution or its depositors.[1, 2]

Common Methods of Theft

• Phishing & Internet Fraud: Criminals send fake emails or texts impersonating a bank to trick users into entering login credentials on a counterfeit site.
• Account Takeover (ATO): Fraudsters gain unauthorized access to an account using stolen credentials (often from the dark web) or malware, allowing them to transfer funds or change account settings.
• ATM & Card Skimming: Hidden devices attached to ATMs or gas pumps record card numbers and PINs to create counterfeit cards for withdrawals.
• Authorized Push Payment (APP) Fraud: Scammers manipulate victims into voluntarily transferring money under false pretenses, such as posing as a bank official or a family member in an emergency.
• Check Fraud: This includes “check washing” (chemically removing ink to rewrite payees/amounts) and “check kiting” (exploiting the “float” time before a check clears).
• ACH & Wire Transfer Fraud: Using stolen account and routing numbers to initiate unauthorized electronic transfers, which are often difficult to reverse. [1, 2, 3, 4, 5, 6, 7, 8, 9]

Immediate Actions if Victimized

If you suspect your account has been compromised, take these steps immediately to limit your liability:

1. Contact Your Bank: Call the official number on the back of your card to report unauthorized activity and freeze your account.
2. Reset Credentials: Change all passwords, PINs, and security questions for your financial and email accounts.
3. Place a Fraud Alert: Contact one of the three major credit bureaus—Equifax, Experian, or TransUnion—to alert them and consider a credit freeze.
4. Report to Authorities: File a report with local police and federal agencies like the FTC at IdentityTheft.gov or the FBI’s Internet Crime Complaint Center (IC3). [1, 2, 3, 4, 5]

Liability and Reimbursement

In the U.S., your liability for unauthorized transactions is often determined by how quickly you report them: [1]

• Reporting within 2 business days: Liability is typically limited to $50.
• Reporting within 2 to 60 days: Liability can increase up to $500.
• Reporting after 60 days: You may face unlimited liability for losses.
• Credit Cards: Most major issuers have a zero liability policy, meaning you may not be responsible for any fraudulent charges if reported promptly. [1, 2, 3, 4]