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If you are a victim of online business banking fraud, there are steps that you should with the bank and their fraud investigation unit. The steps required to resolve online business bank fraud is no different for banks than it would be for your own account. Problems are usually related to software vulnerabilities, on the user’s machine, or not taking simple precautions such as changing passwords periodically.
In order to protect your account, install anti-virus and firewall software on your computer. Be sure to run software updates when requested and have your computer inspected by a professional periodically. These simple steps will help safeguard your computer and improve your banking experience.
Step 1: Identify the Account(s) Affected
You will need to identify any and all accounts that you suspect were affected by banking fraud. Look for any balance irregularities by examining all deposits and withdrawals. Make sure to verify all transactions with the account and check to see if some of the mistakes are not simply accounting errors (such as transposing numbers on checks).
Step 2: Notify the Bank
Immediately notify the bank of any inconsistencies that you find. This may require that you file a form that details the extent of the fraud that you detect within the account. The information provided on this form will serve as the basis for further investigation and follow-up by the bank in order to determine if other accounts were affected.
You may also want to notify a policing authority if the nature of the fraud is greater than $1,000 or $5,000 because these amounts of fraud constitute a felony level crime. A felony level crime warrants a police investigation and possible criminal investigation.
Step 3: Follow-Up and Close Affected Accounts
Once the report has been filed with a bank’s fraud investigation unit, close any account or accounts that were affected by the fraud. In the case where the fraud caused money to be illegally removed from your account, the bank should work with you to cover any losses immediately. Typically, the money should be replaced within 24 to 48 hours. Also, be prepared to verify that the fraud did not happen as a result of your actions, but rather some attempt by an outside party to gain access to your banking records.
