DEC 10, 2013
More than one singer has crooned about the toxic affect suspicion can have on a relationship, but when it comes to your relationship with your bank, suspicion may be a good thing. Your banks vigilance can help you detect, catch and correct suspicious behavior that may indicate fraud on your account.
So what types of behaviors raise red flags for banks? Here are a few:
If a bank spots something happening to your account that is outside the ordinary, they will usually contact you to question the activity and may even freeze your credit or debit card while investigating the suspicious activity. If you find out the activity is the indication of identity theft or fraud, understand there are steps you can take to recover.
While your banking institution will perform their due diligence in monitoring for suspicious behavior, its up to you to check your bank statements and credit report regularly for signs of identity theft and possible inaccuracies.
This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
Published by permission from ConsumerInfo.com, Inc. © 2013 ConsumerInfo.com, Inc. All rights reserved.