Question : Why would identity fraud be my problem and not my bank's ?
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.
- asked by Allan W
All Answers:
Answer #1
Depends on where you live. If you're in the US,your bank probably has more rights than you.
- answered by vikingfromvallhalla
Answer #2
If you have been legitimatly frauded , then thebanks will pay in the ukand that you have not beencareless in any way.
- answered by Morph
Answer #3
yes it's your banks fault, thats why we put ourmoney into banks and not at home, it's for theprotection. go to the bank and tell them, take allthe paperwork (statments, check book and all thatstuff) and have a word with one of the people atthe desks. if it was done by a credit card of sometype they will have to pay you back. If it was aabnormal ammount of money that usually dosnt goout of your account, ask them why they didnt phoneyou for authorisation? or to even check that itwas done by you even though you never take outthat amount of money.
- answered by insane_mad_maniak
Answer #4
Hi AllenID theft is not just someone taking yourmoney from the bank, they are taking your identityas well, that means they can do any thing and youwould have to pay for it from overcharging yourcredit cards and bank accounts, to using your namein a crime that could have you going to jail andif the crime involves murder it could mean thedeath penalty for you because your identity is theone that the police will have. So don't believethat it depends because it doesn't you are the onethat has to prove that you didn't do it, what everit is not the police. It can even mess up youreligibility's for any kind of assistance frommedical to financial for your kids collage funds. So don't take it lightly........cya....
- answered by tmin
Answer #5
Yes, but not if you have been negligent, by notkeeping your account details secure.
- answered by Al Zymer
Answer #6
I perhaps am not understanding yourquestion.Basically you are stating that your mostvaluable possession was stolen from you (youridentity). If someone came up to you on thestreet and took money from you, my guess is mostfolks would call the police. Why would it be anydifferent if someone did it in secret?As far asdealing with the bank, you will have to refer toyour deposit and account agreement, as it willguide what will happen. Most banks haveprocedures to deal with this issue.Most requireyou to dispute the unauthorized withdrawal in acertain period of time and the dispute must be bycertain means, often in writing.Provide them acopy of the police report that should have filedor will file and the bank will typically have afraud affidavit they will want you to fill out.Ifyou don't follow the proper procedures, I canalmost guarantee that the deposit agreement forthis account will hold you liable for theunauthorized withdrawal and they will come to youfor the money.Good luck.
- answered by CivPro1
Answer #7
It should be but they have invented a new crime tocover up their security failures as it is they whohave been defrauded and not us. My identity can becopied but it cannot be stolen as I still have itand always will whilst I am alive.However theymake the rules not us we are merely helplessvictims of their oppression and carelessnessWhenyou open an account you need lots of proof ofidentity but the banks can and do hide theiridentities behind hundreds of product and tradingnames
- answered by DIXIE
Answer #8
If money was taken from your account using yourpassword or PIN numbers, a bank has no way ofknowing if it was you or someone impersonatingyou. It wasn't a breach in the bank's security, itwas someone stealing directly from you using yourpersonal information. That's what identity fraudis. If someone hacked into the bank's system andstole from many or all accounts, then that wouldbe the bank's fault and a true security breach. Orif a bank's laptop was stolen with accountholder's information in it, that also would be asecurity breach.If it was only your account stolenfrom, someone got their hands on your personalinformation through another means other thanhacking into the bank security. Then theypretended to be you and stole your money. It's ahigh-tech way of mugging someone.You need to filea police report - you are now a victim of identitytheft. Change your passwords and PIN numbers onyour bank account. Get your credit report from all3 credit bureaus and make sure there aren't anynew accounts opened that you didn'tauthorize.Report it to the FTC(
http://www.ftc.gov/bcp/edu/microsites/idtheft/)and to the 3 credit bureaus - Equifax, Experian andTransUnion. You'll need the info on the policereport for this.Keep detailed records ofeverything you do and who you talk to about this.Do this right away. Someone has your personal infoand could be stealing a lot more than you realize.
- answered by Ceebee
Answer #9
Identity theft isn't a breach in your bank'ssecurity unless it's an inside job. Identitytheft makes everyone a victim including your bank. You are not responsible for transaction you didnot make. Items can be returned fraud and if theycan't, the bank has insurance for that kind ofthing. You need to let your bank know ofunauthorized transactions and need to do it in areasonable time so the bank can do something aboutit. Depending on your bank, you'll have anywherefrom 30 to 60 days from your statement to reporterrors.
- answered by gogo7
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