Author Topic: Victim of fraud - Unknown bank transaction for $2,489  (Read 1989 times)

FamilyGuy

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Victim of fraud - Unknown bank transaction for $2,489
« on: October 10, 2019, 12:01:18 PM »
I saw the below transaction in my bank account
CHECKCARD FEDEX MEMPHIS TN ON 10/08.  $2,489,45

Immediately called bank and filed a claim. Its shocking...I thought bank of america is solid...I don't know how this happened and how to be safe in future. Any suggestions or similar experiences?

terran

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #1 on: October 10, 2019, 12:05:14 PM »
You did the right thing by keeping a close eye on your account and reporting it right away. You could set alerts on your account(s) for transactions over a certain amount if you want to catch it even faster.

Be careful where you use your ATM card, and preferably use credit cards for buying things instead of debit cards.

FamilyGuy

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #2 on: October 10, 2019, 12:09:28 PM »
You did the right thing by keeping a close eye on your account and reporting it right away. You could set alerts on your account(s) for transactions over a certain amount if you want to catch it even faster.

Be careful where you use your ATM card, and preferably use credit cards for buying things instead of debit cards.
Thank you. I think I learnt the lesson. I'm one of those people who always prefer debit card even when there are multiple promotions/savings with some credit cards. Mainly because when I use the credit card for a specific offer -  like spend $500 and get $25 - I often spend too much. The debit card really had me in control all the time.

FireHiker

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #3 on: October 10, 2019, 12:22:20 PM »
Yeah, that is why I use credit cards for almost everything (well, that and travel hacking). I have had credit card companies catch fraud and alert me before I ever even got a statement or saw it online. I hope it gets resolved quickly for you!

rantk81

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #4 on: October 10, 2019, 12:52:23 PM »
I've taken the approach of turning alerts on for all transactions on all bank accounts and credit cards.
Doesn't bother/annoy me one bit that I get an email immediately, every time a credit/debit card is used, or an ACH withdrawal posts, or a bill-pay happens.  It's great peace-of-mind for me.

PoutineLover

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #5 on: October 10, 2019, 01:02:20 PM »
Something similar happened to my credit card, I noticed a fraudulent transaction at a store I knew I hadn't shopped at. Immediately called to report it, they cancelled the card and issued me a new one. The charge was investigated and I had to sign something to say it wasn't me who initiated it, and then it was removed from my account. Always good to review your transactions regularly to catch stuff like this.

FamilyGuy

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #6 on: October 10, 2019, 01:10:14 PM »
Points noted:

1. Use the Credit card for all transactions if possible. So even if there is fraud you won't lose money immediately and it is not your money, to begin with. 
2. Monitor the transactions daily

Is it not the fault of bank when they cannot monitor what is a fraud vs authorized in a debit card transaction? Is it too difficult for them?

marty998

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #7 on: October 10, 2019, 02:19:32 PM »
Points noted:

1. Use the Credit card for all transactions if possible. So even if there is fraud you won't lose money immediately and it is not your money, to begin with. 
2. Monitor the transactions daily

Is it not the fault of bank when they cannot monitor what is a fraud vs authorized in a debit card transaction? Is it too difficult for them?

Banks process hundreds of millions of transactions each day, with a significant proportion made by a tap of a card on a tablet or entering pixels on a screen, or simply a mobile phone number. With customers demanding real time instant transfers the problem is going to get worse before it gets better.

It's probably one of the redeeming features of the cheque system is that funds have to be "negotiated" between banks and a proper investigation as to the validity of each payment is made. Doesn't happen anymore with electronic funds transfer.

accolay

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #8 on: October 10, 2019, 05:25:28 PM »
Sorry to hear that... but on the brightside... Welcome to the club!

I've had cabinets purchased under an account, small petty transactions occur, and even a car purchased under my name with an e-loan company- debt that kept popping up to haunt me for about ten years.

Everyone's information is out there. Get a new card for that account with different number. Keep looking at your accounts, continue to keep tabs on your credit reports. Sometimes Bank's fraud services will monitor your accounts- especially if it's not an account you use frequently. Wells Fargo (Wells Fargo!) caught some fraud on one of my accounts this way once.
« Last Edit: October 10, 2019, 05:29:35 PM by accolay »

px4shooter

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #9 on: October 10, 2019, 06:52:18 PM »
Checkcard charges typically come from a card linked to your account. It can also originate from someone using your account number to complete a purchase. This will depend on your bank and how they classify the charge.

Also, fill out an IC3 report. And a FTC report.


FamilyGuy

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #10 on: October 12, 2019, 04:15:30 PM »
Thank you all. I'm still waiting for updates to the claim.

Montecarlo

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #11 on: October 12, 2019, 04:51:47 PM »
Yeah never use a debit card

FamilyGuy

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #12 on: October 13, 2019, 01:02:25 PM »
Yep. Changed all my bill pays to credit card.

eostache

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #13 on: October 14, 2019, 10:10:45 AM »
I have a debit card but I seldom use it. My bank recommends the Card Valet app and you can set limits as to where and when the card can be used, or turn it off for use. I have my card set to OFF.

DadJokes

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #14 on: October 14, 2019, 10:22:17 AM »
It's great that you were able to catch it quick, and even better that you are financially secure enough that ~$2,500 missing from your account for a few days didn't totally screw up your finances.



When I was 18 and dumb(er), I decided to just throw away my checkbook after closing a bank account. Someone fished the checks out of the dumpster and started writing checks under my name. They even wrote one at the store I worked at! My dumbass coworkers didn't bother to ID the person writing the check. Since the account was closed, I wasn't really impacted by it; I just had to file a police report.

Sandi_k

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #15 on: October 14, 2019, 04:58:02 PM »
You did the right thing by keeping a close eye on your account and reporting it right away. You could set alerts on your account(s) for transactions over a certain amount if you want to catch it even faster.

Be careful where you use your ATM card, and preferably use credit cards for buying things instead of debit cards.
Thank you. I think I learnt the lesson. I'm one of those people who always prefer debit card even when there are multiple promotions/savings with some credit cards. Mainly because when I use the credit card for a specific offer -  like spend $500 and get $25 - I often spend too much. The debit card really had me in control all the time.

I use the credit card for the security of transaction, since I too have had fraud.

To make sure your spending stays "in control", every evening you could transfer funds from your bank account to pay for the purchase on your credit card. That way the CCd acts like a debit card, in that your account feels the hit right away, instead of waiting for the end of the month.

FamilyGuy

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #16 on: October 14, 2019, 05:20:45 PM »
It's great that you were able to catch it quick, and even better that you are financially secure enough that ~$2,500 missing from your account for a few days didn't totally screw up your finances.



When I was 18 and dumb(er), I decided to just throw away my checkbook after closing a bank account. Someone fished the checks out of the dumpster and started writing checks under my name. They even wrote one at the store I worked at! My dumbass coworkers didn't bother to ID the person writing the check. Since the account was closed, I wasn't really impacted by it; I just had to file a police report.
I have done the checkbook thing too. Thankfully no one tried to scam with it. There are so many precautions to take now as fraud cases seem to be commonly occurring.

FamilyGuy

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Re: Victim of fraud - Unknown bank transaction for $2,489
« Reply #17 on: October 14, 2019, 05:22:54 PM »
You did the right thing by keeping a close eye on your account and reporting it right away. You could set alerts on your account(s) for transactions over a certain amount if you want to catch it even faster.

Be careful where you use your ATM card, and preferably use credit cards for buying things instead of debit cards.
Thank you. I think I learnt the lesson. I'm one of those people who always prefer debit card even when there are multiple promotions/savings with some credit cards. Mainly because when I use the credit card for a specific offer -  like spend $500 and get $25 - I often spend too much. The debit card really had me in control all the time.

I use the credit card for the security of transaction, since I too have had fraud.

To make sure your spending stays "in control", every evening you could transfer funds from your bank account to pay for the purchase on your credit card. That way the CCd acts like a debit card, in that your account feels the hit right away, instead of waiting for the end of the month.
Good idea. But I hate to do it manually. Is there a way to do this daily automatically is Iím not sure. Given the importance I have to do it myself at least weekly so that itís not a huge bill that I look end of the month.