What You Need to Know to Get Recovering Stolen Funds
Whether you’ve been scammed online or have lost valuables in an accident, there are some things you can do to get your money back.
The first thing you should do is notify your bank of any unauthorized transactions. Depending on the type of card and when you report the loss or theft, federal law limits your liability for unauthorized charges to $50.
1. Contact Your Bank
What You Need to Know
You should contact your bank immediately if you think you may have been the victim of an identity theft or unauthorized money transfer. They will help you cancel or reverse fraudulent transactions that were not authorized by you or anyone else using your account information.
The longer you wait to report unauthorized purchases, the more likely your bank is to refuse to reimburse you. But if you report the charges within two business days, your liability for unauthorized payments is limited.
Once you report the unauthorized charges, your bank will usually have 10 days to investigate your claim. Then, they will have 45 days to put your money back into your account if they have received a signed affidavit certifying that you did not make the fraudulent charges.
2. Contact Your Credit Card Company
If your card is lost or stolen, report it to your credit card company as soon as possible. This will limit your liability for fraudulent charges and help your bank catch the fraud.
Before you report your credit card, make sure you have a copy of your recent statements. You can also review online accounts or mobile apps to spot unauthorized transactions and call to dispute them as soon as they happen.
Keep a record of every phone call you make to your credit card company, including details about the conversation. You can later use it as proof of your actions when you file a claim for stolen funds.
3. Contact Your Debit Card Company
When your debit card is stolen, you’ll need to contact the bank to get help with recovering stolen funds. Most banks have a 24-hour customer service line or online self-service to report thefts and losses.
The sooner you report your loss, the better. Typically, if you call and notify your bank or credit union within two days of learning that your card has been stolen, the FTC says you’re not responsible for any unauthorized charges – up to $50.
After you report the stolen debit card, get written confirmation that your liability protection has been activated and that the credit union or bank has canceled or locked the card. You’ll also want to update companies that charge your account for recurring payments, such as utility or credit card bills, with the new information.
4. Contact Your Credit Reporting Agencies
What You Need to Know
Credit reporting agencies (CRAs) collect, process, and share consumer information to create credit reports that reflect a person’s debt and repayment history. These reports are used by banks, mortgage lenders, credit card companies and potential employers to assess a consumer’s creditworthiness.
You have the right to dispute inaccurate or incomplete information on your report with each of the three national credit bureaus, which are Equifax, Experian and TransUnion. Make your dispute in writing and include copies of documents that support your claim. Send the letter by certified mail and obtain a return receipt so you have proof that it was received.
5. Contact the FTC
If you suspect you have been the victim of fraud or identity theft, contact the FTC immediately. This will help prevent further losses and gather information you need to take action and recover your stolen funds.
Do you think, have i been scammed? The FTC enforces consumer protection laws and antitrust laws to protect consumers from deceptive or unfair business practices. It also works to promote a vibrant economy fueled by fair competition.
To get started, submit your complaint online or call our toll-free number to file a report of identity theft. You can also download our ID Theft Affidavit form and send it to all creditors where your accounts were opened or used fraudulently.
