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Old 5th Nov 2008, 00:01   #1
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What does bank fraud investigation involve?

Hey all,

Right basically, My card was cloned and money was stolen out of my account (Roughly 500ish).

I've reported the unauthorised transactions to my bank and they've told me they'll refund the money after a 7 day investigation. (phew!)

Can anyone tell me what this investigation involves? What do they find out? What happens to the person who stole the money? Does he get caught? Do they get the money back? Is it possible to find out who used the details as I think it's someone I know..etc etc

Thanks
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Old 5th Nov 2008, 00:16   #2
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I think given most fraud nowadays is performed internationally, the culprit rarely gets caught. Both my mother, father and best friend have been done, and it took place in singapore, malaysia and india respectively. All their cards got skimmed in petrol stations though

In that case I seriously doubt the person who stole the money got caught. They'll be looking at places where you used your card that other customers used their card and have also been done, and then linking it to that location and obviously someone working around that transaction point. Whether they get done is probably rare....it isn't exactly documented in newspapers or whatever as to what happens to the UK accomplices of international fraudsters.

However, if you think you know who it is, you have to tell the police ASAP. If you tell your bank they might get a bit funny and could think you were in on it, depends how paranoid you want to be.

The bank almost certainly won't get the money back, unless the culprit gets caught and gets ordered to repay the amount by the magistrates. If it's his/her first time, probably a big fine, second time round might be prison time, depends what part of the country said person gets done in I reckon..! But yeah....if you have info, pipe up. It's illegal and that person needs to be punished.
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Old 5th Nov 2008, 00:17   #3
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Most likely they will track down where the money was taken out. see if there are any cameras there. try and identify who the person was. basically they are making sure that it was in fact not you who took it out.
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Old 5th Nov 2008, 00:17   #4
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accidently quoted myself trying to edit...lol
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Old 5th Nov 2008, 00:25   #5
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My lady/wife Marilyn had one of her cards "jacked" by Xbox Live. Some individual about 5 states away was using her card. We went to the bank, they checked and saw it was any of our online transactions (I don't know how), and they closed the card and gave her the monies back. A couple months later she gets a direct deposit into her new checking account(???) for ~$350 from Microsoft. It would appear that the bank and Microsoft were still working even after she stopped the payments. I would only guess that the bank's fraud division worked with Microsoft to collect funds she was not aware of(IP addresses of downloads?). The US banks are pretty cool about finding fraud. And thanks go to Microsoft for finding fraudulent entries from months before this. No mention of what happened to the people who snagged the funds. She never had to make any statements or go to court.

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Old 5th Nov 2008, 00:39   #6
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not entirely sure, my card was being used in the states about 2 weeks ago, the bank noticed it before i did, lol, which is quite good. they flagged it up and stopped the account imemdiately because i was using it at the same time out shopping in the UK... obviously i cant be in the UK and the US at the same time can i....

fair play to 'em they issued a new card and all was dandy
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Old 5th Nov 2008, 00:44   #7
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It's been pretty much said, but yeah. The bank will likely be trying to ascertain whether it could possibly have been you, and if not, will probably return the 'lost' cash and give you a set of new plastics.
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Old 5th Nov 2008, 01:15   #8
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Surprisingly enough, 2 transactions happened at kustompc's :S.

So what if the culprit is in the UK? Can they not find out who the person is by using the IP address or contacting kustompc's or dont they look into that?

:S
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Old 5th Nov 2008, 01:36   #9
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Originally Posted by OV3RCLOCK3R View Post
Surprisingly enough, 2 transactions happened at kustompc's :S.

So what if the culprit is in the UK? Can they not find out who the person is by using the IP address or contacting kustompc's or dont they look into that?

:S
Because you need a delivery address I imagine? They could go to the house address possibly and see what's up.

Panorama did something on online fraud, basically hardly anything gets done about it and that's why people do it (making a very healthy lifestyle out of it).
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Old 5th Nov 2008, 05:50   #10
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These days, banks are working hard to find fraudulent transactions before the client does.
Make no mistakes, they keep track on where you buy from, how much you use your card, etc. I know around here i get called to verify my transaction about 20 minutes after i make an online payment to a new place.
As for the investigation, it normally involves tracking the transactions by geo-locations, then trying to find the guilty party... if it's international, you'll see interpol coming in pretty quickly.
i know in the last 2 years since i work for a bank, the guys here have busted over 60 people involved in that kind of stuff.
Scary part is that there was one (kenyan) ring that was busted late last year that had machines and software that printed cards for them, and not just credit cards, but any kind of card (pretty much) - all major clothing accounts, MCP identification (that WOULD check out), etc.
We played around with it a bit, and checked out if those MCP cards would "validate" with MS, before telling MS about it...
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