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Bank Card or Credit Card Scam

STEP

ONE

  • Do Not Let the Bank Call You!! - Tell them you are going to hang up and call them back. Only call the number on the back of the card or the one listed on the bank website. DO NOT CALL A NUMBER THAT HAS BEEN TEXTED, EMAILED, OR GIVEN TO YOU BY PHONE. 

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STEP

TWO

  • ​Call your Bank Fraud Department. Let them know of the fraudulent charges.

- If they ask if someone has access to your card with your knowledge...always say no! They can deny your claim.​​​​

STEP

THREE

  • Log Into your online account and change your online password.

- Make sure the email address and phone number on file is accurate. Scammers also have access to your account and can change the information to their own and take control.

STEP

FOUR

  • Enable Two-Factor Verification

I know it is a pain...but it is a great way to keep you safe!

STEP

FIVE

  • REPORT IT!

- Either File a Police Report or a Report with the FTC using this link.

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This is helpful if the bank denies your claim or if you have to fila a claim with the credit bureau.

STEP

SIX

  • What can you do if the bank denies your claim?

​Banks can deny claims! 

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1. APPEAL THE DECISION! Just like an insurance adjustor, banks want to deny the claim first! Who knew? If the bank denies your claim the first time...Appeal it. Call back and tell them you wan to appeal their decision. This is where filing a report with the police department or FTC as shown above, can help your appeal. 

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2. COLLECT EVIDENCE! file a police report or a claim with the FTC. Then provide that report to the bank.

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3. File a complaint with Consumer Financial Protection Bureau (CFPB)

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Also remember, Financial Institutions have a higher rate of denying transactions processed via CashApp, Venmo, Zelle, PayPal, etc. 

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However, know your rights! Sample of enforcement actions on the matter can be seen from the CFPB's June 25, 2021 Supervisory Highlight, Page 6 which covers enforcement actions on a bank that was improperly handling EFT claims from p2p providers.

Some more technical coverage of the requirements on this article.

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Reasons why they deny:

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  • Authorization or Agreement:

    The bank may find evidence that the transaction was authorized by the account holder or falls under the terms of service, even if the account holder later claims it was unauthorized. This can include situations where a family member or friend was given access to the card. 

  • Lack of Evidence:

    The claimant does not provide sufficient evidence to support their claim of fraud. 

  • Incorrect Dispute Reason:

    The reason for the dispute doesn't match the actual issue with the transaction. 

  • Merchant Proof:

    The merchant provides stronger evidence that the transaction was legitimate and authorized. 

  • Buyer's Remorse or Delays:

    Disputes based on regret rather than actual fraud, or claims filed too late after the deadline, can be denied. 

  • Lack of Merchant Communication:

    The claimant did not attempt to resolve the issue directly with the merchant before filing a dispute. 

  • Suspected Fraudulent Chargeback:

    In some cases, the issuer might suspect that the chargeback itself is being filed fraudulently to avoid payment. 

  • Insufficient Account Protection:

    The bank may determine that the account holder did not take reasonable steps to protect their identity and account information. 

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