Nowadays thieves can do more than hold you up at gunpoint to take your money. They can pilfer your bank account information and clean out your savings, before you know it.
How does bank fraud occur?
What better way for identity crooks to get what they want than to go straight to your bank account? With your stolen login and contact information, thieves can break into your bank account, change your information and steal all of your money.
What are the effects of bank fraud?
If an identity thief is able to takeover your bank account, the effects could be extremely detrimental. They could not only clean out your finances, but they could use your stolen information for other banking crimes or open new accounts in your name. They could even wire transfer money overseas, making it extremely difficult to track. Many banks only reimburse up to a certain amount, and it can take months to get your accounts back in order.
- Out of all identity theft complaints in 2011, 9% reported to be victims of bank fraud.1
- Account takeovers cost Americans an average of $3,692.2
1 Federal Trade Commission. “Consumer Sentinel Network Data Book for January – December 2011.” February 2012.
2 Javelin Strategy & Research. “2012 Identity Fraud Report: Social Media and Mobile Forming the New Fraud Frontier.” February 2012.