What to Do if Money Is Stolen from Your Bank Account

Say the unthinkable happens and you get a call from your bank asking about some suspicious activity on your account, thousands of dollars having already been spent online without your knowledge. Confused and upset, you come to realize that your identity has been stolen and used to fund some thief’s spending spree. You need to act swiftly if you want to rectify the situation, protect the money you have left, and preserve your credit score. Here are several things you should do immediately if money is stolen from your bank account:

• First, call one of the major credit bureaus, either Equifax, Experian, or TransUnion and place a fraud alert on the affected card. You only need to alert one, as they will then contact the other two agencies. A fraud alert is beneficial because, if someone else tries to open another line of credit under your name, they’ll be required to verify your identity.
• Next, contact the creditor(s) if someone has already opened another line of credit and make them aware of the fraudulent activity. You’ll likely have to complete a fraud affadavit (more about this later).
• For the accounts that you opened, call each creditor and make them aware of the illicit activity. They will close the accounts and go through recent charges to see whether you’re responsible for the charges or the identity thief is.
• Following this you should get in touch with your local police department and explain the situation to them, which will lead to a detective being assigned to your case, who will go through the details of the illegal spending. Be sure to get the detective’s name and your case number because fraud affidavits often require this information.
• Next, contact the Federal Trade Commission at 1.877.IDTHEFT and file a complaint.
• Because the thief might have access to your online financial records, you should go through these accounts and change your passwords to something completely different and, preferably, more complex. It’s best if you use multiple passwords, as this will make it more difficult for others to gain access to several accounts.
• If you’ve lost your wallet or think that the criminal might have access to your driver’s license, go to the Department of Motor Vehicles and get a new license number and card. This applies to other identification cards you may have as well.
• Lastly, keep records of all of you actions including: the name of each person you dealt with, date and time, the company, and a brief description of the conversation. Keep this information in a safe place in case you need it to defend yourself at a later date.

Having money stolen from your bank account can be an unsettling and inconvenient event; but, if you take the necessary steps to protect your identity, you can get your money back and keep your credit score intact.

Additional Resources:

• FTC Guide to Indentity Theft
• 18 Steps to Protecting Your Identity After Theft