Half of people wouldn’t spot small frauds on bank statements

Would you spot a small fraud on your bank statement? As a report suggests half wouldn’t be able to, here’s how to protect yourself

  • Those aged 18-24 were the least likely to be able to spot fraud
  • It comes as the number of card transactions has increased and dropped in value
  • Research raises concerns about people’s vulnerability to card fraud which takes money little and often – £313.3m was stolen this way in the first half of 2019

Almost 50 per cent of people are not sure they would be able to spot small frauds on their bank statement, new research has found.

Almost three in 10 struggle to keep an eye on the number of transactions on their statement, raising concerns that some people may be vulnerable to fraudsters who steal money little and often.

Those surveyed aged 18-24 were the least likely to be able to spot fraud, with almost three in five unsure they could pick out a fraudulent transaction, according to research of 2,000 people by MoneySupermarket.

Would you spot an unusual transaction on your bank statement? 46% of people said they weren’t confident they would

According to the survey, 44 per cent of those aged 18-24 and 42 per cent of 25-34-year-olds checked every item on their bank statement, compared to more than three quarters of people aged 55 and over.

The most recent fraud figures from trade body UK Finance found £237.4million was stolen in the first half of last year using stolen card details, while a total £313.3million was stolen from consumers through unauthorised card fraud over the same period.

The research from the comparison website comes at a time when more people access their banking on their phones or digitally and there has been an increase in card payments.

According to research last year from Mastercard, 84 per cent of adults use digital banking at least once a month.

Meanwhile UK Finance figures crunched by MoneySupermarket found people’s bank statements featured an average of 17 more debit card payments every year between 2008 and 2018.

The total number of transactions made using debit cards almost doubled over the decade, with the average transaction falling £13 to £40. 

Sally Francis-Miles, of Moneysupermarket, said: ‘As a nation, we’re making more transactions every year, resulting in a growing trend of “little and often” payments. 

‘This means that our bank statements are inevitably getting longer, which could be why people struggle to keep track of their finances and leave themselves vulnerable to fraud as a result.’

Ashley Hart, head of fraud at TSB, said: ‘Even as technology advances, checking your bank statements is still good practice – and querying unexpected transactions as soon as possible will help your bank to keep you safe from fraud.

‘Fraudsters often carry out small, test, transactions to see if your account is open – so don’t delay that call to your bank if you see one, you’re probably stopping a much bigger fraud attack.’

Seven simple fraud protection tips

1. Regularly check and make sure you understand your bank statement

2. Don’t be afraid to query transactions that you are unsure about – your bank won’t mind you asking

3. Keep your cards and passwords safe

4. Try and avoid using public wifi – they are not always secure.

5. When paying online, look for the padlock security symbol in the address bar. This means the site is secure.

6. Keep your account to yourself – people who get access to your computer, laptop, tablet or phone could be fraudsters and could try and access your accounts.

7. Ask yourself: ‘would my bank or the police really ask me to do that?’ 

If in doubt call your bank using the number on your card – they will be happy to help.



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