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Bank account breach and wire fraud

Discovering unauthorized withdrawals, wire transfers, or debit card charges requires immediate notification to your financial institution. Under federal banking regulations, reporting unauthorized electronic fund transfers quickly limits your financial liability.

Do this now

  1. Call your bank fraud department immediately: Use the emergency fraud phone number listed on the back of your debit card or on your official statement. Report every unauthorized transaction.
  2. Request an immediate freeze on affected accounts: Ask the bank to block all outgoing transactions, cancel compromised debit cards, and freeze online banking access for the account.
  3. Change online banking passwords and security credentials: Update your password from a secure device. Ensure username, password, and two-factor authentication methods are completely updated.
  4. File a formal written dispute with your bank: Send a written letter listing each unauthorized transaction with dates and amounts. Keep a copy of your letter and postal delivery receipt.
  5. File a report with law enforcement: File a report with local police and submit a cyber fraud complaint with the FBI at ic3.gov.

In the United States, Electronic Fund Transfer Act regulations protect consumers against unauthorized debit card charges and electronic withdrawals when reported promptly:

  • Reported within 2 business days: Your maximum liability for unauthorized transfers is limited to 50 US dollars.
  • Reported within 60 calendar days: Your maximum liability is capped at 500 US dollars.
  • Reported after 60 calendar days: You risk unlimited liability for unauthorized transfers occurring after the 60 day period.

Wire transfer emergency protocol

If you were tricked into sending an unauthorized wire transfer:

  • Request a wire recall immediately: Ask your bank's wire transfer department to send an emergency Recall Message to the receiving bank.
  • Contact the recipient bank fraud department: Call the fraud department of the bank that received the transferred funds and request an immediate administrative freeze on the recipient account.
  • Notify the FBI Financial Fraud Kill Chain: For commercial wire transfers over 50,000 US dollars sent internationally, ask your bank to initiate the FBI Financial Fraud Kill Chain process immediately.