Despite the best of intentions and precautionary measures it is not uncommon for criminals to gain access to your checking account and steal your money. The theft can occur in several ways including:
- Forged paper checks
- Having your wallet stolen
- Swiping of your ATM information via an electronic skimmer
When it comes to checking accounts, banks do not typically check on the types of transactions that occur so it will be up to you to reconcile what comes in and out of your checking account and locate the problem first.
If you have access to your account online, it is advisable to check the status of your finances regularly. Not only will this process help you manage your money more efficiently, but you will be able to detect any unsavory business and unauthorized transactions to your checking account early on.
When you detect fraudulent expenditures in your checking account you must alert the proper authorities. Immediately contact your bank and make them aware of the unwarranted activity on your account. Fortunately, some financial institutions will replace the stolen money after the depositor signs a legal affidavit regarding checking account theft. If they do not, then a filling out a police report and filing a claim to your insurance company may help get some of your money back.
It is always a good idea to report incidents like this to the police. Many police departments are cracking down on white collar crimes and they may appreciate this information – as it may provide them with a lead on another checking account theft case they are pursuing.
While technology is continuously getting more sophisticated, so do white collar crimes. Consumers can only protect themselves by staying on top of their checking account and taking other steps to protect their assets.
