Fraud–A Guideline to Your Rights

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Fraud continues to be an increasing problem in the United States. Victims of fraud often work many months or more trying to rectify the damage caused. What can you do to avoid being a victim of fraud? Start with these three guidelines:

Keep tabs on your account. Whether you’re using your checking or credit card account, keep track of what you’re spending so you can spot an unauthorized transaction quickly. Use BancorpSouth’s online online and mobile banking to keep track of your balances wherever you may be.

Set up account alerts. Take advantage of BancorpSouth’s online banking alerts to set up notifications for balances, transactions and more.

Don’t provide more information than necessary. Only provide information on an application or enrollment form where it is required and marked by asterisks—other information may not be necessary. For example, when setting up an account to rent movies online, you don’t need to provide your Social Security number.

If you do find you’re a victim of fraud, the following laws are in place to help minimize both the monetary strain and anxiety that may take place.

In the case of a lost or stolen debit card, the sooner you report the card missing, the better. Take a look:

  • If you report the loss or theft of your debit card prior to any unauthorized charges, you won’t be responsible for any of those transactions.
  • If you report the loss or theft of your debit card within two business days of it occurring, you’ll only be responsible for a total of $50 for any unauthorized transactions made.
  • If you report the loss or theft of your debit card more than two business days after it’s missing, but less than 60 days after you receive your checking statement, your maximum loss would be $500.
  • If you report the loss or theft more than 60 days after you receive your checking statement, your loss may be unlimited.
  • Again, the best way to protect yourself from fraud is to monitor your accounts on a regular basis. That way, if you notice something is out of the ordinary or you don’t recognize a transaction, you can immediately take care of it and avoid any major loss.

    If you feel you’ve been a victim of identity theft or fraud, call us immediately at (877) 797-7711.