Online statements and mobile banking apps make it easy to check your account. But, people don’t always pick up on some signs of possible fraud.
Recent survey results show that 1 in 12 people wouldn’t spot a rouge £20 entry on their statement.
There are 65 million active personal current accounts in the UK. So, assuming one person owns only one account, a staggering £108m, across 5.4 million bank accounts, could potentially be lost.
Banks and lenders are under increasingly more pressure to up their security. In the meantime, there are some things you yourself can do to detect fraud — and limit potential loss.
Alastair Douglas, CEO of credit experts TotallyMoney, said: “For some people, a £20 transaction they don’t recognise isn’t the end of the world. But, it could be tell-tale of a bigger issue.
“In the past, we had to rely on monthly paper bank statements. Now, thanks to mobile apps, our bank accounts are at our fingertips, making it easier than ever to check our outgoings.
“Spotting and reporting anything you don’t recognise — no matter how small — could stop an incident of fraud in its tracks.
“Another way to keep an eye out for fraud is by getting your TotallyMoney free credit report. You can see any financial activity made in your name, as well as see your balances and payments — so you can spot and report anything you don’t recognise.
“To make it easier to spot any of the potential signs of fraud, we’ve pulled together some of the best ways to get in the know.”
The TotallyMoney five-step plan
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