Stolen Bank Account Information

Your bank account information is probably one of your closest guarded secrets. Not only is it the source of your ability to function in the world, but it is also probably the source of countless autopayments, meaning the hassle of having to change the information is significant. At Sharmin & Sharmin Attorneys at Law, we understand what a disruption it can be to handle or recover from account information theft. Our Florida identity protection lawyer is ready to help you recover your financial accounts and minimize your losses associated with this violation. 

Why Would Someone Steal My Bank Account Information?

When discussing bank information, we typically discuss your bank account and routing numbers. These are the same numbers at the bottom of a check. According to Experian, one of the three major credit reporting bureaus, with this information, someone can perform a variety of fraudulent actions:

• Fraudulent payments, withdrawals, or transfers
• Online purchases
• Money laundering through your account
• Identity theft

Additionally, many payment apps, like CashApp or Venmo, use your account information to allow payments. This allows someone to enter your account information and make payments or transfers from your account into theirs. Thankfully, you can take several steps to rectify this problem, including hiring an attorney for help. 

Recovering From Bank Account Information Theft

The first rule of theft is to report it as soon as you know the problem. This allows your financial institution to take steps to protect your account and prevent you from being held responsible for any additional charges. The Bureau of Justice Statistics reports that the average losses to financial fraud were about $880. One of the most effective ways to minimize your losses is to report the problem as soon as you become aware. The Federal Trade Commission(FTC) suggests several steps after discovering fraud once you have reported it to your financial institution. 

• Report to any entities that may have received your information fraudulently
• You may choose to report it to the FTC if you are concerned this may be more than just stolen bank information, such as identity theft
• You may file a report with the police

Filing official reports may not be necessary, but they could be very helpful for your case if any concerns arise regarding the legitimacy of your bank claims. While there is no legal requirement to notify your bank if your information has been stolen, the Experian source above says failure to do so within 60 days may result in complete responsibility for any fraudulent charges. 

Protecting Yourself from Future Violations

Once you have reported the theft of your bank information, you can do a few things to resecure your information to prevent this from reoccurring, or at least minimize the risk. Many of these are a matter of quick phone calls or online tasks that can be done quickly. This includes:

• Changing your passwords
• Freeze your credit with the three reporting agencies
• Put a fraud alert on your credit report
• Order a report from Chex Systems, per the FTC, to make sure additional accounts were not opened in your name
• Check your credit reports often

Taking advantage of your free annual credit report can help you identify fraudulent activity early. Securing an attorney may benefit you if you are struggling with lingering false activity or having trouble with your bank to get fraudulent charges removed. Cleaning up the mess after someone steals your information is stressful but doable.