However, they may take action to protect their interests. Banks can often resolve transaction fraud investigations without involving the customer. They use various methods, including monitoring account activity, reviewing customer complaints, and working with law enforcement. The bank will contact you with the results of the Transaction Fraud Investigationsīanks conduct transaction fraud investigations to detect and prevent fraudulent activity. You must file a credit card dispute within 60 days of the date the transaction statement or receipt appears if you suspect that a credit card transaction was posted to your account in error. If the dispute is deemed valid, the bank will credit your account with the amount of the disputed transaction and any associated fees, and they will also refund any fees you paid, such as finance charges. However, if the case is more complex, it can take longer to complete the investigation. In most cases, the investigation can be completed within a few weeks. The length of the investigation will depend on the complexity of the case and the availability of information. The fraud department is open 24 hours a day, seven days a week. How Long Does A Bank Fraud Investigation Take Bank Of America?īank of America takes fraud very seriously and investigates all reports of fraud. Scams are usually text messages claiming that you must withdraw or transfer a large sum of money from your bank account. Scammers create text messages to convey a sense of urgency to you. Criminals are attempting to steal your personal information using online banking services. It has been reported that Bank of America text scams have been circulating for a while. If you receive a suspicious text message, please report it right away. Email all merchants who charge your card automatically, including your new card information, and ask them to contact you. If you received a suspicious phone message and provided personal or financial information, you should contact them immediately at 80. There is usually a delay of up to 45 days for the investigation into the fraud, but the team will try to resolve the issue as quickly as possible. If you have been a credit or debit card fraud victim, you will be issued a replacement card immediately after canceling your card. A bank will also determine whether the charge is consistent with the cardholders’ usual shopping habits. In some cases, the review team examines relevant details, such as whether the transaction was a card-present or a card-not-present transaction. The bank investigates payments as part of a payment fraud investigation. According to the Identity Theft Resource Center, 1 in every 5 Americans has been a victim of identity theft. Identity theft occurs in various ways, and you are not alone if you have been a victim. Identity theft is the fastest-growing crime in the United States, according to the Federal Trade Commission. The sooner you contact Bank of America’s fraud investigation team, the sooner they can help you resolve the issue and get your money back.Ĭredit: Identity Theft: What To Do If It Happens To You? This includes your name, contact information, account number, and a detailed description of the fraud you believe has occurred. When you contact Bank of America’s fraud investigation team, have all the relevant information handy. You can call their toll-free number, or you can send them an email at their official website. There are a few ways to contact Bank of America’s fraud investigation team. Contacting Bank of America’s fraud investigation team can help protect your account and money. If you think you’ve been a victim of fraud, it’s important to act quickly.
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