Over the weekend, I experienced identity theft for the first time. I was just about to enjoy a movie when I received a call from a strange number. It was Bank of America, alerting me to suspicious activity in my account. Initially, I thought it was a scam, but when I checked my account via the BOA app, I found two large purchases and several smaller ones. I was shocked. Someone had gotten hold of my account or debit card details and was shopping online.
Unable to focus on the movie, we left the theater. I immediately contacted Bank of America. Here’s what you should do if you find yourself in a similar situation:
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Contact your bank immediately. The sooner you report unauthorized transactions, the less likely the bank will suspect you of making the purchases. There might be a specific timeframe within which you need to report these transactions, so do it ASAP!
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Talk to the bank’s fraud division. Most banks have a dedicated team for handling identity theft and fraud. Write down all unauthorized purchases and their amounts as they’ll ask for this information. They’ll start the process of reversing these charges, but for Bank of America, they couldn’t start until the charges had cleared from my account.
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Complete and return the affidavits. Once the bank puts the money back into your account, it’s a "temporary credit." This becomes permanent only when you fill out and return the affidavit they send you. Always send it back via certified mail with return receipt requested.
Remember, if you didn’t authorize a purchase with your signature or PIN, you’re not liable for those purchases. That’s federal law. Also, immediately file a fraud alert with all three credit reporting agencies: Equifax, Transunion, and Experian. This will alert anyone who runs your credit to verify your identity before any financial transaction using your social security number.
In my case, even though I’m not a fan of big banks, having Bank of America was advantageous. They handled the fraud quickly. The transactions cleared on Tuesday, and by Wednesday, the money was back in our account. I still don’t know how they got my debit card number, but this experience has made me more cautious about protecting my card and where I use it.
