How do banks verify legit fraud?

Question

Just out of curiosity (and because I have a random mind), how exactly do banks know if the credit/ debit card fraud that one of their customer's report is legit? I am in no way going to fool my bank, but I was just curious. I mean, I'm pretty sure people have done this before where they spend their own money and report it as fraud just to get their money back and get the items for free. How would a bank know exactly if it is truly fraud and not just a rip off? What sort of process does a bank go through to check the authenticity of true fraud? Also, what is the consequence you if report fraud that was committed by yourself, but you tell the bank it was committed by someone else?

wizjp · Accepted Answer

For the most part, they are going to review and require a police report as well.

Anonymous · Answer

there are cases where it is only you and nobody else that can get access to your account, may it be through checks, debit card, credit card, master or the other online purchase systems. But when one reports the fraud, the banks do acknowledge that the first and foremost responsibility of taking care of your own valuables regarding the access to your account, is of your's. well, it is a matter of question when someone has defrauded you by taking your cards or leaves of your check book, and then he even had your pin-card or the signatures copy respectively. But every conflicts has a cause, and this is how the banks opts for a legitimate reasons thereof or, just acknowledge upon the legitimate claims..

Trending News

How do banks verify legit fraud?

2 Answers