Which? Money highlights importance of checking bank balance

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Which? Money highlights importance of checking bank balance

Thu 20th May 2010

Banking customers must get into the habit of checking their statements, according to a finance expert from Which? Money, as this will help them combat fraud.

James Daley, editor of the publication, pointed out some people are reluctant to open their bank statements, but they must get over this fear in order to keep their money as safe as possible.

He explained the earlier fraud is detected, the easier it is for banks to put the situation right and reverse any interest or charges that may have been applied as a result.

Mr Daley stated: "If you don't keep on top of what is going on in your account and there are fraudulent transactions there, you are not going to spot them until perhaps weeks later."

A recent study by CIFAS showed that bank account fraud saw an increase of 60 per cent in 2009 compared to the previous year, with this type of transaction making up 36 per cent of identity fraud cases during that period.

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