One form of bank fraud can occur when a bank account is opened in your name without authorization. An unauthorized bank account is serious business because a fraudulent party can use the account to open up new credit cards and rack up other expenses in your name. That is why it is important to keep on top of your Texas bank activity and be aware of anything that looks suspicious.

In some cases, victims of unauthorized accounts stumble upon evidence out of the blue. For example, if a scammer has used an account in your name to sign up for a credit or debit card, the card may come to your home address, at which time you will realize you had not signed up for the card and someone is illegally using your identity. However, the scammer would likely try to have the card sent to an address of the scammer’s choosing instead.

But as Bankrate points out, if you are not making payments on the card, those missed payments will be registered as delinquent payments on your credit report. And if the scamming party takes out loans in your name and does not pay them off, your credit will suffer even more. In addition, creditors may start approaching you for missed payments on accounts or loans that you are not even aware of.

One way you can check to see if an unauthorized account has been opened in your name is to order a consumer report on your banking activity. It is possible to have a report sent to you once a year. You can also contact a major credit bureau to obtain a credit report, which can reveal the existence of credit card and loans that are in your name but you have not signed up for. Consumers should also keep an eye on their bank accounts for unexplained expenses.

Bank fraud occurs in many different ways. For this reason, consider this article only as general education on the matter of unauthorized bank accounts and not as legal advice for your situation.