Bank accounts are one of the most reported accounts involved in identity crimes, according to the Identity Theft Resource Center (ITRC). When a thief accesses funds from a bank account, the ability to recover those funds and the time it takes to recover them can be the difference between the ability to make ends meet and needing assistance from others. While recovery from identity theft from a bank account can depend on the financial institution, below are the basic steps a victim can take when a bank account has been misused.
Existing Account Takeover (ATO)
An existing account takeover involves a thief gaining access to and using funds from an account that belongs to a victim. To recover bank account funds taken by:
Debit Card
- Ask for a new debit card with a new card number. Ask how this will impact the bank account number linked to this card.
- Ask for fraudulent charges, withdrawals, or transfers to be reversed or file the necessary disputes.
- Enable protections on your new card.
Use of Your Account Number
- Ask for a new account with a new account number (transfer funds from the old account to the new account) and close the old account. Ask how this will impact the debit card linked to the old account.
- Ask for fraudulent charges, withdrawals, or transfers to be reversed or file the necessary disputes.
- If access to your account was done through your online account login, change the username and password, security questions, and review the contact information in the account to ensure the information is still correct and has not been changed to the bad actor.
- Enable protections on your new account.
New Account Fraud
New account fraud involving a bank account means a bank account was opened with your personal information (name, Social Security number, etc.). It is usually harder to actively check this information; typically, you are informed by the financial institution where the account was opened. To close a fraudulent account:
- Contact the financial institution to close the account and ask for written confirmation that the account was closed, no money is owed, and no adverse information is being reported to the check and bank account screening companies.
If a thief successfully opened a bank account in your name, it means they have enough sensitive information to open additional bank accounts or other financial accounts. At a minimum, take the following additional steps:
- Review and freeze your consumer credit reports with the three major credit reporting agencies (Equifax, Experian and TransUnion).
- If possible, check to see if any checking accounts are reporting negative information to the major check and bank account screening companies.
Contact the ITRC
Discovering you are a victim of identity misuse involving a bank account can be worrisome. Contact an ITRC expert advisor to discuss your specific situation and how to recover from identity theft involving a bank account. The advisor will develop a customized recovery plan and be available for as long as needed.
You can speak with an expert advisor toll-free by calling or texting 888.400.5530 or visiting our website to live chat during our regular business hours, Monday-Friday, 6 a.m.-5 p.m. PST. You can leave a message for an advisor if you contact us outside of our business hours, and we will respond the next business day. Just visit www.idtheftcenter.org to get started.
