Bank card fraud is a problem affecting an increasing number of people. According to statistics, losses due to this phenomenon in France have risen significantly in recent years, reaching approximately 464 million euros in 2022, nearly double the figure from 2009.
Despite this alarming increase, more than half of households that reported this issue did not receive adequate follow-up on their complaint.
If you are a victim of this type of banking fraud, it is important to act quickly to limit the damage and recover your funds. In this article, we will explain the steps to follow in case of bank card fraud and how to protect yourself against it.
What You Need to Know About Bank Card Fraud
Bank card fraud occurs when someone uses your bank card without your authorization to carry out transactions, withdraw money, or purchase goods and services.
Fraudsters can obtain your bank card information in various ways, including:
- Theft of your bank card or account information
Thieves can physically steal your bank card or access documents containing your account information to carry out fraudulent transactions. - Hacking your computer or mobile phone
Cybercriminals exploit security vulnerabilities in your devices to access your banking information by installing malware or intercepting data. - Phishing (email or phone scams)
Fraudsters send you emails or messages posing as a bank or another institution, prompting you to click on a link or provide your confidential information. - Skimming (electronic copying of your information)
Use of concealed devices on payment terminals or ATMs to read your bank card information. - Vishing (voice phishing)
A phishing method where fraudsters call pretending to be representatives of a bank or a legitimate service. They attempt to obtain confidential information by exploiting their victims’ trust or panic. - Smishing (SMS phishing)
A phishing technique using text messages to send fraudulent messages containing links to malicious websites or deceptive callback numbers. Victims are enticed into disclosing their banking information. - Spoofing (identity falsification)
Fraudsters conceal their true identity using falsification techniques to impersonate trusted contacts (phone, email, website), thereby enticing their victims to share personal information.
How to Detect Bank Card Fraud
It is important to regularly monitor your account statements and transactions to detect any suspicious activity as early as possible and limit financial damage.
Here are some signs that could indicate bank card fraud:
- Unrecognized transactions: If you notice purchases or debits that you do not recognize on your bank statement, this could be a clear sign of fraud.
- Alert from your bank: Banks often monitor their customers’ accounts for unusual activity. If your bank contacts you to report suspicious transactions, do not ignore this warning and verify immediately.
- Unusual changes to your account: A change in your contact information (email address, phone number) that you did not initiate may be a sign that someone is trying to take control of your account.
- Payment rejections: If your bank card is declined even though it is active and you have sufficient funds, this could indicate that your card has been blocked due to suspected fraud.
- Activity in unusual geographic areas: If you notice transactions made in places you have never visited, this is likely fraud.
- Receiving a text message or email confirmation for purchases you did not make: If you receive notifications for payments you did not authorize, this may indicate that someone is using your banking information without your knowledge.
What to Do in Case of Bank Card Fraud
In case of bank card fraud, you must act quickly to minimize financial losses and protect your account. Here are the steps you should follow:
- Immediately contact a banking law attorney:
The initial advice they provide will help you avoid pitfalls that could compromise your future legal action against your bank.
- Comply with the deadline for reporting irregularities on your account:
If you are an individual acting for non-professional purposes, you have thirteen months (Article L. 133-24 of the French Monetary and Financial Code), from the date of the debit, to report any unauthorized payment transaction. Under Article 133-18 of the French Monetary and Financial Code, the bank is obligated to reimburse you immediately for the amount in question when you comply with this deadline and all conditions are met.
Please note that if you are not an individual acting for non-professional purposes (Article L133-24 of the French Monetary and Financial Code), your account agreement’s general terms and conditions may provide for a much shorter deadline (a few weeks for some banks).
- Immediately block your bank card:
Contact your bank or use its mobile application to block your bank card. This will prevent any further fraudulent use.
- Report the fraud to your bank:
Inform your bank of the fraud and ask them to take measures to protect your account. They can help you identify the fraudulent transactions and reverse them. Limit yourself to reporting the fraudulent transactions without providing further details about the circumstances. Remember that the bank will use any information you provide against you to evade its own liability.
If the bank asks you to file a police report, you can send a registered letter with acknowledgment of receipt to the public prosecutor. This avoids the need to visit a police station and allows you to quickly provide proof of the complaint to your bank without compromising the chances of establishing the bank’s liability.
In this letter to the prosecutor, simply state that you are filing a complaint for fraudulent transactions on your bank account, providing your account details as well as all the details of these transactions (dates and amounts), but without any further details about the fraud’s modus operandi.
Indeed, if you disclose the details of the fraud’s modus operandi in your complaint, the bank will not hesitate to use them against you to escape its liability.
- Review your bank statements:
Review your bank statements to identify all fraudulent transactions and note the details of each transaction.
- Change your passwords and PIN codes:
If you suspect that your login credentials have been compromised, change your password and PIN code to protect your account.
- Keep an accurate record of your actions:
Carefully keep a written record of all your communications with your bank and the relevant authorities. These documents may prove essential in the event of litigation before a court.
How to Protect Yourself Against Bank Card Fraud
To protect yourself against this type of fraud, make sure to follow these guidelines:
- Never trust an unsolicited phone call: Scammers have the technical means to display your bank’s or your bank advisor’s usual phone number to impersonate them. Regardless of the reason for the call, and especially if your caller pressures you with an extremely urgent matter concerning fraudulent transactions on your account (particularly on a Friday or Saturday), hang up and call your bank by dialing the number available on your statements or in your online banking portal. If possible, go directly to your branch. Never give your login credentials or passwords over the phone to anyone.
- Regularly check your bank statements: Perform regular checks of your bank statements to detect any potential irregularities as early as possible.
- Use strong passwords: Use complex and unique passwords for your online accounts.
- Set up alerts: Many banks offer text message or email alerts for unusual transactions.
- Watch out for suspicious emails: Be vigilant against suspicious emails that could be phishing attempts.
- Avoid suspicious links: Do not click on suspicious links or respond to emails requesting your bank card information.
- Use security software: Install security software on your computer and smartphone to protect your personal data.
- Be cautious with personal information: Never share your personal information, such as your bank card number or CVV code, with unauthorized individuals.
- Check recent transactions: Regularly review recent transactions on your bank card to detect any suspicious activity.
- Never use services such as Apple Pay or Google Pay: By merely obtaining your PIN code without your knowledge (on public transport, for example) and stealing your phone, scammers can drain your bank accounts within minutes. You will not even have time to react.
Finally, several institutions, such as the French Banking Federation (FBF), the Ministry of the Economy and Finance, the Observatory for Payment Methods Security, and the Banque de France, recommend taking certain precautions to secure your payment methods.
In addition, the FBF and “Les cles de la banque” offer a practical guide entitled “Online Banking – 10 Security Habits,” which details best practices for securing your online banking operations.
Need a Lawyer or Advisor to Assist You?
If you are facing a bank fraud situation, the most effective solution is to seek the help of an expert to effectively defend your rights. Maitre Mikael Le Bot, an expert in banking disputes, can help you better understand your options and ensure that your bank fulfills its obligations. We support you through the legal procedures to recover stolen funds and obtain adequate compensation. Do not hesitate to contact us to maximize your chances of success and protect your financial interests.
