🚨 Could someone have opened a bank account in YOUR name?

Hey there,

Imagine this. You grab the mail and spot something saying “Welcome to Your New Checking Account!”.

The problem? You never opened one. Creepy, right?

Unfortunately, this happens more than most people realize. Scammers love using stolen personal info to open bank accounts in someone else’s name. Sometimes this is done to move money, sometimes to snag bonuses, and sometimes for much bigger scams.

The good news? You don’t have to panic. With a few quick checks, you can find out if there’s a rogue account floating around under your name. And if there is, I’ll walk you through the exact steps to shut it down and lock things up.

Why would someone open an account in your name?

• To hide their tracks - they can shuffle stolen funds through your fresh account.

• To snag signup bonuses - fraudsters are clever, and your name could send cash their way.

• To scale bigger scams - fake businesses, phony checks, all built on a new account with your info.

• Plus... AI is making it easier than ever to pull off smart impersonations. Fake voice calls, legit-sounding emails, and deepfakes? All on the rise. U.S. losses to AI-powered fraud could hit $40 billion by 2027, up from just $12.3 billion in 2023.

Quick stats to wake you up (not freak you out)

• In the first half of 2025, the FTC got 748,555 reports of identity theft. That’s 196,000 more than a year earlier.

• Overall, Americans lost $27.2 billion to identity fraud in 2024, a jump of 19% from 2023.

• Checking accounts are often the target. Of the fraud cases reported to the Identity Theft Resource Center (ITRC) from April 2024 to March 2025:

  • 36% involved opening new accounts in the victim’s name.

• Synthetic identity fraud, combining real and fake info, is surging:

  • It’s expected to cause $23 billion in losses by 2030.

  • In the first half of 2024 alone, its losses rose 7%.

  • On average, victims face $15,000 in losses.

How to check if someone opened an account using your name

1. Search your inbox and mail. Look for “Welcome,” “Your new checking account,” “debit card,” or “PIN.” Save every letter and email.

2. Pull your credit reports (free). Go to AnnualCreditReport.com and get Experian, Equifax, and TransUnion.

   • Look for: new inquiries from banks, new addresses, or anything you don’t recognize.

   • Tip: A bank account won’t always show up, but a bank may still run a credit check when the account is opened.

3. Get your ChexSystems report (free). This is the database many banks use for checking/savings approvals. You’ll see recent account openings, closures, or negative marks.

4. Get your Early Warning Services (EWS) report (free). Many large banks use EWS. Request your consumer report and scan for accounts you don’t know.

5. Call your current banks/credit unions. Ask if any new accounts or applications have been made using your name, SSN, or address.

6. Set alerts. Turn on account, transfer, and login alerts everywhere you bank. These catch problems early.

If you find an account that isn’t yours, do this now

Move fast and work from a simple checklist:

1. Close the fake account + get proof

   • Call the bank’s fraud department. Say, “I’m a victim of identity theft. Close this account and mark it as fraud.”

   • Ask for written confirmation that:

     • the account was closed as fraud,

     • any fees are waived, and

     • any negative reports to ChexSystems/EWS will be removed.

2. Lock down your identity

   • Place a fraud alert on your credit file (Experian, Equifax, or TransUnion. One bureau can notify the others).

   • Freeze your credit at all three bureaus (free and reversible).

   • Freeze your ChexSystems and EWS files so no one can open new bank accounts in your name without extra steps.

   • Change email and bank passwords; turn on two-factor authentication everywhere.

3. Create a paper trail

   • Go to IdentityTheft.gov and file an identity theft report. You’ll get an Identity Theft Affidavit and a recovery plan.

   • If the bank asks, file a police report and keep the case number.

   • Keep a folder with copies of: ID, bank letters, your affidavit/police report, and a call log (date, time, person, what was promised).

4. Dispute any bad records

   • If the fake account caused a negative mark in ChexSystems/EWS or on your credit report, dispute it in writing. Include:

     • a short statement (“This account was opened fraudulently; I did not authorize it.”),

     • your Identity Theft Affidavit or police report, and

     • the bank’s fraud-closure letter.

5. Keep watching

   • Recheck your credit and banking reports in 30-60 days to make sure the bad info is gone.

   • Leave freezes on until you actually need to open something new.

Handy scripts you can use

Calling a bank’s fraud department
“Hi, my name is ____. I’m a victim of identity theft. An account ending in ____ was opened in my name without my permission. Please close it as fraud, remove any fees, and send me written confirmation that you will correct ChexSystems/EWS and any credit reporting.”

Placing a fraud alert/freeze
“I need to place a fraud alert/security freeze on my file. My name is ____, and here is my SSN and address. Please confirm when the alert/freeze is active and send me a letter or email.”

The bottom line:

You can’t stop every scammer, but you can make yourself a hard target and clean up quickly if one slips through.

Use the steps above, keep your freezes on, and you’ll stay in control.

Until next time,

-Sean Bryant
Founder, One Smart Dollar
Publisher of The Banking Edge

P.S. If a friend has gotten a weird “Welcome to Your New Account” letter lately, forward this to them. It could save them hours of hassle.