Unauthorized transactions in your bank account can cause a significant amount of financial loss and harm to you. Learn how to report and resolve unauthorized transactions with this guide.
Most of the people have faced the problem at some point time. In today’s world where online plateform is infested with fraudsters and cone artists. It’s difficult to stay away from getting duped.
The statistics found in reliable source such as Statista says, FY 2022 alone had some 9000 plus fraud cases in India. Though the involved amount is getting lesser but the number of frauds increased.
To know things about handling an unauthorized transaction is the need of the hour. One who knows, well it’s great. But those who do not know it, they might regret later on.
Unexpected charges or payments in your bank account can come as a shock. Knowing how to quickly detect, report and solve unauthorized transactions is essential if you don’t want to be left out of pocket.
Here’s a guide on how to tackle unauthorized transactions in your bank account.
Identify Unauthorized Transactions.
Unauthorized transactions can be detected by looking at your bank account statements and checking for unfamiliar charges or payments.
If you are unable to identify the source of certain payments or charges, it’s important to take further steps to determine if it is an unauthorized transaction and take the necessary measures to resolve it.
It might also be just your routine payment which you are not aware of Or forgotten. It happens, when multiple auto-payments are set in your account, you might get confused sometime.
Checking out your account is the best way to confirm. If you are sure something fishy is going on in your account, you have got to report to your bank.
Most of the time, you get to know quite easily, when an unauthorized access or transaction occurs to your account, system alert you via SMS or email. That’s why, its pretty important that you avail the SMS/email alert facility of bank. It might cost you fees but its worth having it.
Contact Your Bank Immediately.
If you discover any suspicious or unfamiliar transactions, it’s important to contact your bank immediately. You can reach them out by calling the helpline number, email or branch visit if you can.
Notifying them as soon as possible will ensure that you are able to report the transaction and get reimbursed for any losses incurred.
Make sure to provide your bank with all relevant information regarding the unauthorized transaction, so that they can take the necessary steps to resolve it quickly.
Early reporting gives your bank an upper-hand when stopping the lost fund. The possibility of getting back your money depends on how sooner you contact to your bank. You have got to understand the terms of making a complaint. When the time-line for making a complaint expired, its of no use. You might not get back your fund.
Request a Refund or Reimbursement.
Once your bank has investigated and verified the unauthorized transaction, they will typically offer to reimburse you for any losses incurred.
Some banks may even provide additional protection in the form of refund protection policies.
It’s important to check with your financial institution about what compensation is available for fraudulent transactions, so that you can receive the maximum amount of reimbursement allowed.
Take Further Action if Necessary.
Depending on the severity of the unauthorized transaction, you may need to take further action.
This could include filing a report with local law enforcement and filing a dispute with the financial institution or credit card provider who issued the affected funds.
Taking these additional steps can help protect against future fraud and ensure that all your rights are protected and upheld.
Filing an FIR is normally required. Bank might accept your complaint letter but additionally, if it involves unauthorized fraudulent transaction they may ask for police complaint report.
Monitor your Account Going Forward.
Once you have reported unauthorized transactions in your bank account, it is essential to monitor your accounts going forward for any further suspicious or fraudulent transactions.
Make sure to check your accounts regularly and review your statements for any discrepancies. Additionally, be sure to set up notifications with the financial institution if they offer this service so you can be alerted as soon as a transaction occurs on your account.
Immediate Action That You Need To Take.
When you find an unauthorized transaction in your bank account, you need to take these actions immediately. It will save you from further financial loss. Now, we have to understand what are the mode of transactions that fraudsters use to access your account.
These can be through an ATM card, UPIs, internet banking and mobile banking. So, when something like this happens, you have got to temporarily deactivate the above mentioned facilities. You may do it with customer helpline.
If you are unable to block the uses of ATM card, UPI, net-banking and mobile banking on the spot. Its better to visit the bank and let them do it. Or advise your bank to put a hold on your account for a while till the matter resolve.