Why would identity fraud be my problem and not my bank’s ?
Allan W asked:
Suppose someone manages by digital or other means to trick my bank into paying out money which it incorrectly thinks that I have authorised. Isn’t this the bank’s problem in the end ? Surely the bank can not expect me to pay for breaches of its own security.
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Suppose someone manages by digital or other means to trick my bank into paying out money which it incorrectly thinks that I have authorised. Isn’t this the bank’s problem in the end ? Surely the bank can not expect me to pay for breaches of its own security.
May 6th, 2010 at 1:35 pm
Depends on where you live. If you’re in the US, your bank probably has more rights than you. vikingfromvallhalla
May 10th, 2010 at 12:44 am
If you have been legitimatly frauded , then the banks will pay in the uk
and that you have not been careless in any way. Morph
May 11th, 2010 at 9:10 pm
yes it’s your banks fault, thats why we put our money into banks and not at home, it’s for the protection. go to the bank and tell them, take all the paperwork (statments, check book and all that stuff) and have a word with one of the people at the desks.
if it was done by a credit card of some type they will have to pay you back. If it was a abnormal ammount of money that usually dosnt go out of your account, ask them why they didnt phone you for authorisation? or to even check that it was done by you even though you never take out that amount of money. insane_mad_maniak
May 12th, 2010 at 3:39 pm
Hi Allen
ID theft is not just someone taking your money from the bank, they are taking your identity as well, that means they can do any thing and you would have to pay for it from overcharging your credit cards and bank accounts, to using your name in a crime that could have you going to jail and if the crime involves murder it could mean the death penalty for you because your identity is the one that the police will have. So don’t believe that it depends because it doesn’t you are the one that has to prove that you didn’t do it, what ever it is not the police. It can even mess up your eligibility’s for any kind of assistance from medical to financial for your kids collage funds. So don’t take it lightly….
….cya…. tmin
May 14th, 2010 at 5:32 am
Yes, but not if you have been negligent, by not keeping your account details secure. Al Zymer
May 15th, 2010 at 2:47 pm
I perhaps am not understanding your question.
Basically you are stating that your most valuable possession was stolen from you (your identity). If someone came up to you on the street and took money from you, my guess is most folks would call the police. Why would it be any different if someone did it in secret?
As far as dealing with the bank, you will have to refer to your deposit and account agreement, as it will guide what will happen. Most banks have procedures to deal with this issue.
Most require you to dispute the unauthorized withdrawal in a certain period of time and the dispute must be by certain means, often in writing.
Provide them a copy of the police report that should have filed or will file and the bank will typically have a fraud affidavit they will want you to fill out.
If you don’t follow the proper procedures, I can almost guarantee that the deposit agreement for this account will hold you liable for the unauthorized withdrawal and they will come to you for the money.
Good luck. CivPro1
May 18th, 2010 at 8:56 pm
It should be but they have invented a new crime to cover up their security failures as it is they who have been defrauded and not us. My identity can be copied but it cannot be stolen as I still have it and always will whilst I am alive.
However they make the rules not us we are merely helpless victims of their oppression and carelessness
When you open an account you need lots of proof of identity but the banks can and do hide their identities behind hundreds of product and trading names DIXIE
May 21st, 2010 at 6:26 pm
If money was taken from your account using your password or PIN numbers, a bank has no way of knowing if it was you or someone impersonating you. It wasn’t a breach in the bank’s security, it was someone stealing directly from you using your personal information. That’s what identity fraud is.
If someone hacked into the bank’s system and stole from many or all accounts, then that would be the bank’s fault and a true security breach. Or if a bank’s laptop was stolen with account holder’s information in it, that also would be a security breach.
If it was only your account stolen from, someone got their hands on your personal information through another means other than hacking into the bank security. Then they pretended to be you and stole your money. It’s a high-tech way of mugging someone.
You need to file a police report - you are now a victim of identity theft. Change your passwords and PIN numbers on your bank account.
Get your credit report from all 3 credit bureaus and make sure there aren’t any new accounts opened that you didn’t authorize.
Report it to the FTC (http://www.ftc.gov/bcp/edu/microsites/idtheft/)
and to the 3 credit bureaus - Equifax, Experian and TransUnion. You’ll need the info on the police report for this.
Keep detailed records of everything you do and who you talk to about this. Do this right away. Someone has your personal info and could be stealing a lot more than you realize. Ceebee
May 21st, 2010 at 10:31 pm
Identity theft isn’t a breach in your bank’s security unless it’s an inside job. Identity theft makes everyone a victim including your bank.
You are not responsible for transaction you did not make. Items can be returned fraud and if they can’t, the bank has insurance for that kind of thing. You need to let your bank know of unauthorized transactions and need to do it in a reasonable time so the bank can do something about it. Depending on your bank, you’ll have anywhere from 30 to 60 days from your statement to report errors. gogo7