Bank will always try to put the blame for card fraud on you. Since the money is already gone from the account to the merchant as legitimate credentials were given, if the bank agrees to refund it will have to bear the losses. One should understand the basics here, the bank is right at its place when it is refusing to pay. So no matter how hard you try to convince them, it just amounts to a lot of frustration. The banks however, refuse to help the victim on the grounds that the transaction was done with the actual card and the exact password and PIN was entered. If a bank account is hacked and the hacker/cybercriminal starts making online purchases using the stolen card information, bank account user name, password and/or PIN most of the victims expect the banks to repay. I will not be talking about frauds resulting because of physical loss of credit/debit card or ATM cash withdrawals. In this post I will be referring to only those financial frauds that are done online. After going through several case studies I thought of putting these steps together so that a victim knows what should be his/her immediate action when someone steals money from the bank account. So instead of crying over the spilled milk one needs to find ways to recover or salvage.

But there is prevention and there are ways for a cure.

First of all let me tell you that the bitter truth is that most of the victims do not get their money back.

I will not be talking about how to prevent a bank account from getting hacked because we have discussed it at length in various posts. In this blog I will be focusing on the ways to strengthen the possibility of recovering your money in situations where your bank account is hacked or your credit card or debit card details have been stolen and misused.

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