How to Report Bank Fraud

Bank fraud is a serious crime with severe penalties, including lengthy jail sentences.

Bank fraud has been around almost as long as banks themselves, and is growing in the Internet age. Banks and consumers both can become victims as thieves use identify theft, forged documents and other illegal activity to steal money or other assets. You can help fight bank fraud by notifying your bank of any suspicious activity, such as unauthorized transactions in your checking account or online scams targeting your banking information.

Instructions

1. Notify your bank in person or by telephone if you believe an act of bank fraud has been committed. If you are the victim, consider following up with a letter sent by certified mail. This will provide written documentation of your communication with the bank.

2. Contact the Federal Trade Commission (FTC). According to its website, the FTC collects bank fraud and other consumer fraud complaints and makes them available to more than 1,600 civil and criminal law enforcement agencies in the U.S. and abroad. To file a complaint in English or Spanish, call 877-382-4357.

3. Call your local police department. An officer or investigator will listen to your complaint and direct you to another agency if necessary, including the FBI.

4. Provide the bank, FTC or law enforcement officials all the information you have on the alleged bank fraud. Continue to cooperate as long as the investigation is active.

Tips & Warnings

• Bank fraud carries heavy penalties, up to $1 million in fines and 30 years in prison.

References

• MSNBC.com: Online Bank Fraud Concerns Consumers
• FTC.gov: Top Consumer Fraud Complaints
• Attorney John R. Teakell: Bank Fraud

Resources

• Read this Article in Spanish