What to do if you suspect fraudulent activity on your account
Finding suspicious or fraudulent activity on your bank account can be a stressful, but it’s important to act quickly and follow the right steps to avoid any further damage.
If you suspect fraudulent activity on your bank account, follow these steps:
- Contact your bank immediately:
The first step is to contact your bank as soon as you suspect fraudulent activity on your account. Notify them about the unauthorised transactions or suspicious activity. Be prepared to provide as much information as possible about the specific transactions or incidents in question. Review your bank statement regularly to stay aware of your transactions and pick up any errors or fraud in time. - Change your passwords and PINs:
Change your online banking password, PIN, and any other access codes associated with your account. Ensure that the new passwords are strong and unique. - Document everything:
Keep detailed records of all communication with your bank, including the names of bank representatives you speak with, dates, and times of calls or visits, and reference or case numbers. Save any emails or correspondence related to the incident. - Notify the South African Police Service (SAPS):
Report the fraudulent activity to your local SAPS station. They will provide you with a case number, which may be required by your bank to further investigate the incident. - Contact the Credit Bureaus:
Alert the major credit bureaus in South Africa (e.g., TransUnion, Experian, and Compuscan) about the fraud incident. Request a credit report to check for any unauthorised accounts or credit applications in your name. - Monitor your accounts:
Continuously monitor your bank and credit card statements for any further unauthorised activity. Be vigilant for any suspicious emails or messages that may be related to the fraud. - Stay informed:
Learn about common fraud and scam techniques to avoid falling victim to future incidents. Staying informed is an essential aspect of protecting your financial well-being. - Be patient:
Resolving a fraud incident can take time. Work closely with your bank and follow their guidance. They will often have a dedicated fraud department to handle these cases.
Remember, acting quickly and following your bank's instructions is important to help minimise the impact of fraudulent activity on your bank account. Being proactive and alert can help protect your financial security in the future.