Waking up to bank notifications about unauthorized purchases you didn’t make is one of the most panic-inducing experiences. Imagine checking your bank and seeing transactions made in the middle of the night in a completely different country—what a nightmare!
This situation leaves you feeling vulnerable and scrambling for solutions, especially when your heart rate spikes without the help of your usual morning coffee. It’s like running into the unknown, knowing there’s trouble ahead but with no backup, and suddenly facing a financial crisis.
Here’s how you can take control of the situation when you realize you’ve fallen victim to fraud.
The First Steps After Discovering Bank Fraud
When you realize there’s been a fraudulent transaction on your account, the first thing you’ll likely do is contact your bank. You’ll probably spend a bit of time listening to the automated voice telling you how important you are and how much you could do through your banking app—if only checking your balance didn’t feel so depressing.
Once you finally reach a human representative, the process generally moves quickly. The bank will block your compromised card, open a fraud case, and if the fraud amount is below their threshold, they will take care of the rest. Expect them to contact you within 7 working days. Unfortunately, how you manage during this time is not their concern.
What to Do When the Fraud Amount Exceeds the Bank’s Threshold
If the fraudulent transactions exceed the bank’s threshold, they’ll direct you to the SAPS (South African Police Service) to open an official case. Here’s how to navigate the process:
6 Steps to Open a Fraud Case:
- Get Your Bank Statement: Before heading to SAPS, stop by your bank to get a certified copy of your current statement showing the fraudulent transactions (an ATM receipt will also work). This step is crucial for building your case.
- Visit Your Local SAPS: Take your statement to your nearest SAPS station and provide a breakdown of the fraud. Be prepared to sign a written affidavit. Emotional reactions are understandable, but keeping it together will help you get the case opened smoothly.
- Open the Case at Your Local SAPS: Ensure you report the fraud at the SAPS station closest to where the fraudulent transactions took place. Even if the fraud occurred overseas, such as a midnight purchase from Kiev, you must go to your local station. If you go to a different station, they will transfer the case to the correct one, but this will result in two different case numbers. This is normal.
- Submit Your Case to Your Bank: Once the SAPS has given you your case number and affidavit, send these to your bank so they can proceed with your claim.
Being Proactive: Prevent Fraud Before It Happens
While the above steps are necessary when fraud occurs, it’s always better to be proactive. Follow these tips to safeguard yourself:
- Shop on Secure Websites: Always ensure the site you’re shopping on has “HTTPS” in the URL, meaning it’s secure before entering your card details.
- Keep Card Details Private: Never share your card details with anyone, especially over the phone or online.
- Use Secure Payment Methods: Use e-wallets or payment services like Apple Pay or Google Pay when possible. These options use secure encryption on your device.
- Manage Expired Cards: When a card expires, go to your banking app to unlink it and then destroy the physical card. Regularly check which cards are linked to your account.
- Never Share Personal Information: If someone calls claiming to be from your bank and asks for personal information, hang up. Real bank representatives will never ask for your PIN, card details, or account number over the phone.
- Beware of Phishing Scams: Always verify email addresses and phone numbers of any messages claiming to be from your bank. Scammers often pose as banks to steal your information.
Keep Your Information Safe with Security-Com
While fraud is always a risk, being vigilant about your security can greatly reduce the chances of falling victim. At Security-Com, we’re dedicated to helping you stay safe and secure. If you need assistance with any safety or security concerns, whether financial or otherwise, don’t hesitate to contact us.
Call Security-Com In Case of Anything—we’re here to help you protect yourself and your assets from fraud and other security threats.
