Blog | G5 Cyber Security

Stop Bank Fraud Deposits

G5 Cyber Security

TL;DR

Someone is making fraudulent deposits into your bank account and then withdrawing the money before you notice? This guide helps you report it, protect your funds, and prevent future fraud. It covers contacting your bank, filing a police report, checking your credit reports, and strengthening your security.

Steps to Take Immediately

  1. Contact Your Bank Right Away: This is the most important step. Tell them about the fraudulent deposits and withdrawals. They can freeze your account or card to prevent further loss.
    • Find your bank’s fraud hotline number on their website or app.
    • Be prepared to provide details like dates, amounts, and any suspicious activity you noticed.
  2. Change Your Online Banking Password: Even if you don’t think your password was compromised, it’s a good precaution.
    • Choose a strong password that is unique to your bank account.
    • Enable two-factor authentication (2FA) if available – this adds an extra layer of security.
  3. File a Police Report: A police report provides official documentation for your bank and can help with investigations.
    • Visit your local police station or file a report online (if your area allows).
    • Keep a copy of the report number.

Protecting Your Funds

  1. Review Your Account Statements: Carefully check all recent transactions for any unauthorized activity.
    • Look for small deposits or withdrawals you don’t recognize. Fraudsters often test accounts with small amounts first.
  2. Dispute the Fraudulent Transactions: Your bank will likely have a form to fill out to dispute charges.
    • Provide as much detail as possible, including dates, amounts, and any supporting documentation (like the police report).
    • Understand your bank’s policies on fraud resolution timelines.
  3. Consider a New Account: If you’re concerned about the security of your current account, consider opening a new one at a different bank.

Preventing Future Fraud

  1. Monitor Your Credit Reports: Check your credit reports regularly for any suspicious activity. You are entitled to a free report from each of the three major credit bureaus (Experian, Equifax, TransUnion) once per year.
  2. Be Wary of Phishing Scams: Fraudsters often use emails or text messages to trick you into giving them your personal information.
    • Never click on links in suspicious emails or texts.
    • Don’t provide your account details over the phone unless you initiated the call and are certain who you’re speaking with.
  3. Secure Your Devices: Protect your computer and mobile devices with strong passwords and antivirus software.
    • Keep your operating system and apps up to date.
    • Be careful when using public Wi-Fi networks.
  4. Enable Account Alerts: Set up alerts for transactions over a certain amount or any unusual activity. 
    # Example alert setup (may vary by bank)

Reporting cyber security Incidents

You can report fraud to these organisations:

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