But even as banking technology has evolved and become more secure, Americans still lose billions of dollars a year to financial fraud.
Fraudsters seem to always be a step ahead of the financial industry’s security measures. They can hack your online bank account or skim your credit card or debit card information – often without your even knowing it. Once you finally realize you’ve fallen victim to an unauthorized banking transaction, the money is already gone.
When your money is stolen or your credit card is compromised, it’s sometimes difficult to convince your bank or credit card company that you are not at fault. Thankfully, the law protects consumers in several circumstances.
Below are a few common examples of unauthorized transactions. If any of these describe your current situation, contact us below for a free consultation.
Credit card fraud
Credit card fraud happens when someone uses your credit card or your credit card information to make purchases or payments in your name without your permission.
Sometimes, you don’t notice credit card fraud until countless charges have been made by someone halfway around the world.
The good news is that federal law – specifically the Truth in Lending Act (TILA) – protects credit cardholders against unauthorized uses of their credit cards.
Bank account fraud
Bank account fraud happens when someone uses your bank account – and takes or spends your hard-earned money – without your permission.
This can happen in several ways. Someone could steal your debit card or your debit card information and make transactions to the account. Someone also could hack into your bank account or a related payment system and transfer money out using Zelle, PayPal or Cash App.
As with credit cards, federal law – specifically the Electronic Fund Transfer Act (EFTA) – protects consumers against transactions that they neither performed nor authorized, so long as notice is provided in the manner required by law.
Wire transfer fraud
Wire transfer fraud happens when funds are taken out of your bank account via wire transfer without your permission.
Wire transfers are governed by state law, whereas other bank transfers are governed by federal law. Still, if the bank did not follow specific security procedures or you did not agree to be bound by those security procedures, you may not be responsible for wire transfers that you did not authorize.
How can we help you with unauthorized transactions?
Kelly Guzzo, PLC, has helped many consumers recover from unauthorized financial transactions. If you believe you’ve been held responsible for transactions you didn’t authorize, we’ll meet with you at no cost to discuss your next steps.