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Edelman Combs Latturner & Goodwin, LLC Edelman Combs Latturner & Goodwin, LLC
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Protecting the Rights of Consumers For Over 25 Years

Banking Fraud Claims Attorneys

Defending the Rights of Consumers in Illinois

Fraudulent attacks on bank accounts causing consumers to lose money are on the rise. We have recently observed that a number of major banks and issuers of prepaid debt cards refuse to honor legitimate customer claims that somebody hacked into and stole money from their accounts. If you have been having trouble getting your bank to return money that was stolen or otherwise fraudulently transferred from your account, please contact us. We may be able to help you using the Electronic Funds Transfer Act, known as the EFTA. The EFTA is a federal law that requires banks to return money taken using certain kind of fraudulent electronic transactions to consumers. The EFTA covers ATM transfers and cash withdrawals, online transfers and ACH payments, point-of-sale transactions using debit cards, automated bill pay plans, and various other EFTs. It does not generally cover wire transfers, unless there was some other electronic transfer involved. Other laws cover fraudulent credit card transactions.

If you are a bank or credit card fraud victim, you need to act quickly. Many bank’s terms of service require you to provide written notice of fraudulent transactions by deadlines that are often as short as 30 days. Notify your bank in writing as soon as you notice a transaction you did not authorize, and review your accounts for suspicious activity at least once a month. File a police report if you find an unauthorized transaction, but do not delay giving notice.

We handle bank fraud cases on a contingency basis, which means we will try to obtain our attorney’s fees from the other side. We may still be able to help you even if the fraudsters tricked you into giving them your account information, or clicking on a fraudulent link. Along with getting your money back you may be able to recover statutory damages of up $1,000, actual damages, and up to three times your actual damages, depending on which law applies to your situation.

Call (312) 626-3585 to set up your free consultation with a banking fraud lawyer near you.

What is Banking Fraud?

Banking fraud refers to the use of deceptive practices with the intent to defraud a bank or its customers. This type of fraud involves various schemes and techniques aimed at obtaining financial assets, sensitive information, or other valuables through fraudulent means within the banking system. Common forms of banking fraud include:

  • Identity Theft: Criminals may use stolen personal information to open fraudulent bank accounts, apply for credit, or conduct unauthorized transactions on behalf of the victim.
  • Phishing: This involves fraudulent attempts to obtain sensitive information, such as usernames, passwords, and financial details, by posing as a trustworthy entity through email, text messages, or fake websites.
  • Check and Wire Fraud: Criminals may create counterfeit checks, alter legitimate checks, or engage in fraudulent wire transfers to unlawfully obtain funds.
  • Credit Card Fraud: Unauthorized use of credit or debit card information to make purchases or withdraw funds without the cardholder's knowledge or consent.
  • Embezzlement: Employees or individuals with access to financial resources within a bank may misappropriate funds for personal gain.
  • Forgery: The creation or alteration of financial documents, signatures, or endorsements with the intent to deceive and gain unauthorized access to funds.
  • ATM Skimming: Criminals install devices on ATMs to capture card information, enabling them to clone cards and make unauthorized withdrawals.
  • Insider Fraud: Employees within a financial institution may engage in fraudulent activities, such as manipulating accounts, creating fictitious loans, or providing unauthorized access to sensitive information.
  • Loan Fraud: Providing false information or misrepresenting financial circumstances to secure a loan under fraudulent pretenses.

How Does Online Banking Fraud Occur?

Online banking fraud can occur through various methods that exploit vulnerabilities in the digital environment. Here are some common ways in which online banking fraud takes place:


  • Method: Fraudsters send deceptive emails or messages posing as legitimate institutions, urging recipients to click on links and enter sensitive information, such as usernames and passwords.
  • Outcome: Criminals gain unauthorized access to online banking accounts.

Malware and Spyware:

  • Method: Users unknowingly download malicious software that can capture keystrokes, screen images, or login credentials.
  • Outcome: Attackers gain access to online banking credentials and other sensitive information.

Man-in-the-Middle Attacks:

  • Method: Hackers intercept and alter communication between the user and the bank, gaining unauthorized access to sensitive information.
  • Outcome: Criminals can manipulate transactions, steal login credentials, or conduct other fraudulent activities.

Credential Stuffing:

  • Method: Cybercriminals use stolen usernames and passwords from other data breaches to attempt unauthorized access to multiple accounts, including online banking.
  • Outcome: If users reuse passwords across different platforms, attackers can gain access to online banking accounts.

Fake Mobile Apps:

  • Method: Fraudsters create fake mobile banking apps that mimic legitimate ones, tricking users into downloading and using them.
  • Outcome: Personal information and login credentials entered into fake apps are stolen.

SIM Swapping:

  • Method: Attackers convince mobile carriers to transfer a victim's phone number to a new SIM card under their control.
  • Outcome: Criminals can receive authentication codes and gain access to online banking accounts.

Account Takeover (ATO):

  • Method: Criminals gain unauthorized access to a user's online banking account by obtaining login credentials through various means.
  • Outcome: Attackers can perform unauthorized transactions, change account details, or conduct other malicious activities.

Social Engineering:

  • Method: Fraudsters manipulate individuals into revealing sensitive information through deceptive tactics, such as impersonation or fake support calls.
  • Outcome: Attackers gain access to login credentials or other personal information.


  • Method: Malicious software records keystrokes made by the user, capturing sensitive information, including online banking credentials.
  • Outcome: Attackers obtain login details and other sensitive data.

Call (312) 626-3585 to set up your free consultation with our Chicago banking fraud attorneys.

Why Choose Our Chicago Banking Fraud Lawyers

  • Specialization in Banking Fraud: Our firm specializes in the intricacies of banking law and fraud cases. We possess a deep understanding of the complex legal landscape surrounding banking fraud allegations.
  • Proven Success: Backed by a track record of successful outcomes, our Chicago banking fraud lawyers have demonstrated their ability to handle complex cases effectively. We are committed to securing the best possible results for our clients.
  • Client-Centric Approach: Recognizing the unique challenges each case presents, we adopt a client-centric approach. Your needs and concerns take precedence as we craft personalized and strategic legal solutions tailored to your situation.
  • Litigation Excellence: Equipped with strong litigation skills, our Chicago banking fraud attorneys are prepared to defend your interests vigorously. Whether through negotiation or aggressive courtroom representation, we aim for favorable resolutions.

Call (312) 626-3585 to set up your free consultation with our Chicago banking fraud attorneys.

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  • 9 Knowledgeable Attorneys
    ECLG is one of the largest Consumer Rights firms in Illinois and has the bandwidth to meet your needs.
  • 200+ Years of Combined Experience
    Our team has over two centuries of combined experience representing consumers like you.
  • $500 Million Recovered for Consumers
    When your rights have been violated, you need attorneys who can
    achieve results.
  • No Fees Unless We Recover Compensation for You
    We handle many cases on a contingency fee basis, meaning you don't pay anything unless we win your case.