Barclays is a large financial institution that offers a wide range of personal and business products. Whether you are an individual or a business, you can still find yourself on the receiving end of fraudulent activity or identity theft. After the initial shock, you might reach out to Barclays Bank and expect them to fix it right away. If you have issues with hidden fees or fraud, you expect Barclays to help. But what happens when they don’t? We explain.
If you have a bank account, your checking account is guaranteed federal fraud protection thanks to Federal Reserve Regulation E. Under § 1026.12 Special credit card provisions, if you have a credit card, you are only liable for up to $50 maximum.
Even though Barclays does their part, it’s up to you to make sure that you contact Barclays customer service as soon as you recognize fraud on your account. First, you have to call them immediately and create a report. Barclays customer service will give you a case reference number and begin an investigation within seven days. They might send you a disclaimer form where you fill in the details of what happened and send it back to them within ten business days. If you don’t, they will take back any temporary refund they’ve given and close out the claim. Hence, it’s vital that you keep your eyes peeled for any disclaimer forms or follow-up information regarding fraudulent reports.
Their fraud and scams articles state that you have complete guarantees for online banking. If you report an unauthorized transaction, they reverse it as soon as possible unless they believe that you are responsible for the fraudulent activity. Examples might include keeping your PIN written down on the physical debit card or giving your debit card to someone to use only to find out that they used it more than once.
Yes, financial institutions like Barclays really do investigate fraud. It’s in their best interest to do so. Suppose the company doesn’t follow up with an investigation and just gives you provisional credit, which runs the risk of additional fraudulent activities with other users. It also costs the company a great deal of money if they don’t follow up. You might not hear back from them because they are conducting an investigation. That can take 30 days, 45 days, or even 90 days, depending on the company policy and how complicated the situation is. Once the investigation is concluded, you might get a resolution in your secure email in your account or sent in the mail.
Still, there are times when Barclays has not held up its end of the zero liability deal. Some news reports revealed that a customer reported a stolen debit card, and in spite of reporting it, Barclays refused to reimburse the customer. The report noted, “a fraud expert named Barclays as one of the UK’s two worst banks for a customer to deal with if they have been the victim of such a fraud.”
If a scammer gets a hold of your bank account number or your Barclays Bank credit card number, they can make unauthorized online purchases. They can move money out of your account and into their account or even use your account for money laundering. This also leaves you vulnerable to things like identity theft. The longer this goes on, the harder it is to prove the fraudulent activity and use the federal protections.
If Barclays isn’t resolving your issue, there are other legal alternatives. You can file an official complaint against Barclays. You probably can’t join existing Barclays lawsuits because of the fine print in your user agreement, but you can sue them in small claims court or file a Barclays dispute with consumer arbitration.
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