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Home»Business»How Your Bank Statement Can Save You From Fraud
Business

How Your Bank Statement Can Save You From Fraud

Team OrangeBy Team OrangeOctober 27, 2016No Comments2 Mins Read
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When was the last time you looked at your bank statement? If the answer is a week, then it is probably too long. Be it in the form of a postal letter or an e-statement, the bank statement contains vital information which can help us avoid payment fraud.

One of the ways to reduce the incidence of fraud is bybeing proactive and cultivatingsafe payments card habits ourselves. These printed statements (or, increasingly, scrollable online transaction histories) hold the key to detecting cardfraud. Scrutinized closely, they can reveal whether a transaction was authorized or not, leading us to identifying fraud early in its course. Mastercard lists down thetop three safety practices to pick out fraud and the things you should look out for when eyeing yourstatement:

#1: Sign up for mobile alerts

On the move a lot and want to keep track of your transactions? Many banks offer the option of mobile notification alerts whenever you perform transactions. Easily customizable, these alerts can be helpful in double confirming your expensive purchases.Get on board by registering your mobile number for this service with your bank.

#2: Take a second look

When fraudsters withdraw small amounts of money over long periods of time, they often tend to escape our notice. Train your eye to pick out these charges on your transaction slips when you check them, and confirm that they were indeed authorized by you.

#3: Be prompt, practice due diligence

Make a habit of reviewing your bank statements. Most banks issue monthly e-statements that are delivered straight to your inbox, which lets you scan them on the fly. If you see any suspicious activities, report them swiftlyto your bank. They have got your back covered with liability protection in case of any faulty or fraudulent charges.

Bank statements can be our ally in a number of things – increasingly, they are even used as proofs of purchase and online transfers. Amongst these advantages are their roles as portable fact-checkers, allowing us to monitor our purchases in real-time and keep our bank accounts fraud-free. It is ultimately up to us to practice easily adoptable habits to ensure a smooth sailing paymentsexperience.

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Team Orange
Team Orange

TEAM ORANGE is Orange Magazine TV's select contributors. It also contains Press Releases. Please follow @OrangeMagTV on Twitter for other updates.

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