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If you're not careful, identity thieves can emerge silently and disappear before you discover you've been targeted. They can open bank accounts in your name, change your address, and take over your online accounts.
If you're not careful, identity thieves can emerge silently and disappear before you discover you've been targeted. They can open bank accounts in your name, change your address, and take over your online accounts.
Since at least 2012, "Bank of America employees illegally applied for and enrolled consumers in credit card accounts without consumers' knowledge or authorization," the CFPB said.
Why accounts are opened in other people's names. Scammers may open a bank account fraudulently in someone else's name to bounce checks or overdraw the account. Others may intend to use the account for storing illicitly obtained funds.
There are several ways that scammers can gain access to your online bank account. They could use phishing attacks, malware or other cyberattacks, or buy your credentials online after a data breach. For example, the Michigan-headquartered Flagstar Bank was the recent victim of a data breach.