If Money Was Stolen from Your Card: Five Steps That Can Save Your Funds
Fraud with bank cards remains one of the most common financial threats for Ukrainians. Fraudsters use phone calls, phishing sites, fake messages, and other schemes to gain access to account holders' personal data. If money has already been illegally withdrawn, it is important to act quickly: block the card, document the fraud, and contact the bank and law enforcement agencies. At the same time, it is important to understand that the legislation distinguishes cases when funds were lost due to fraudsters' actions and cases when the violation occurred due to the bank's fault. This determines the procedure for compensation of losses.
How fraudsters gain access to bank cards
Bank card holders must not disclose confidential information to third parties, even if the interlocutors claim to be bank employees.
Specifically, you should not disclose:
- personal data;
- residential address;
- bank card number;
- expiration date;
- CVV2 code;
- passwords and confirmation codes received via SMS messages.
Having obtained such information, fraudsters can access the account and transfer funds to third-party accounts.
What to do if funds were illegally withdrawn from your account
If the cardholder discovers unauthorized withdrawal of money, first of all, they should contact the bank with a written request for information regarding the circumstances of the transaction.
The request can demand information about:
- the place and method of withdrawal;
- the recipient of the transfer;
- the method of transaction authorization;
- other information that will help establish the circumstances of the event.
At the same time, you should contact law enforcement agencies with a statement about illegal appropriation of funds and demand the initiation of a criminal case.
Step-by-step action plan after detecting fraud
After detecting unauthorized withdrawal of funds from a bank account, it is recommended to follow this algorithm:
- Immediately block the bank card from which the withdrawal was made.
- Contact the bank's support service by phone or online channels and report the incident. If possible, record the conversation with the bank representative.
- Submit a written request to the bank for information regarding the circumstances of the withdrawal.
- Contact law enforcement agencies with a statement requesting the initiation of a criminal case.
- Submit a statement to be recognized as a victim within the criminal proceedings.
In which cases the bank is obliged to reimburse the client
According to Article 1073 of the Civil Code of Ukraine, in case of untimely crediting of funds to the account, unjustified withdrawal by the bank from the client's account, or violation by the bank of the client's instructions regarding fund transfers, the financial institution must immediately after detecting the violation credit the corresponding amount to the client's or rightful recipient's account, pay interest, and compensate for damages, unless otherwise provided by law.
At the same time, this provision applies specifically to cases where the violation occurred due to the bank's fault or improper execution of operations on the client's account.
Is the bank obliged to return money stolen by fraudsters
Article 1073 of the Civil Code of Ukraine does not establish an automatic obligation for the bank to reimburse any funds stolen by fraudsters. It regulates cases when improper execution of operations occurred on the part of the bank.
If funds were illegally appropriated by third parties, the question of returning the money depends on the specific circumstances of the case, the results of the bank's internal investigation, and the law enforcement investigation. In particular, it matters how the operations were conducted and whether the bank complied with requirements to protect the client's funds.
Bank liability for improper fund transfers
Clause 37.2 of Article 37 of the Law of Ukraine "On Payment Systems and Money Transfers in Ukraine" provides for the liability of banking institutions in cases of improper fund transfers.
According to this provision, in case of initiating an improper transfer from the account of an improper payer due to the fault of the transfer initiator who is not the payer, the issuer is obliged to transfer the corresponding amount to the improper payer's account at its own expense.
How to increase the chances of getting your money back
After detecting suspicious transactions, do not limit yourself to just contacting the police. To protect your rights, you need to officially notify the bank about the incident, submit written requests, keep all documents, statements, and confirmations of appeals, and insist on conducting an investigation.
The sooner the fact of unauthorized withdrawal is documented and necessary procedures are initiated, the higher the chances of establishing the circumstances of the event and possible compensation for damages.
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