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How Your Bank Statement Can Save You From Fraud

If you are interested in how to prevent fraud, your bank statement is an invaluable tool. There are several ways you can protect yourself: Sign up for mobile alerts, take a second look, and practice due diligence. You can also protect yourself from mail thieves by avoiding fake bank statement. This is also better for the environment. You can set up e-statements to alert you when your statement is ready online. You can also access historical statements from your online account or mobile app and download those PDFs.

Sign up for mobile alerts:

Bank alerts can keep you informed of suspicious activity in your account. For example, you can sign up for mobile alerts if you notice a new transaction. Bank alerts can also notify you if you make a deposit, not in line with your available balance. Reporting fraudulent activity immediately increases your chances of getting your money back. In addition, you will never miss a payment again, thanks to mobile alerts.

These alerts can prevent you from overspending and identify unauthorized purchases. You will receive real-time notifications if anyone attempts to change your password or profile. This indicates bank fraud or theft and prompts you to take immediate action. A fake bank alert will ask you for your account number, which is another way to obtain sensitive personal information. So, always keep an eye out for suspicious activity.

Take a second look:

You’re probably aware of the importance of checking your bank statements to detect fraud, but most of us don’t take the time to do so. Fraudsters use methods such as delaying payment, using debit cards or credit cards with unauthorized transactions, and overspending. Even if a fraudster is unsuccessful, they can still drain your account without your knowledge.

Practice due diligence:

Due diligence in the banking sector is vital to avoid being a victim of financial fraud. Banks must look out for third parties to protect their customers from scammed. They should also check the financial status of the third parties they deal with since wire transfers cannot be canceled once they have been initiated. If you see a suspicious transaction on your bank statement, you should contact the bank immediately to avoid being a victim of fraud.

A good customer due to diligence program involves the identification of a customer. The Basel Committee’s Working Group on Cross-border Banking developed a paper on customer due diligence that provides general guidelines for banks. Effective customer identification is critical in complying with anti-money laundering laws and preventing bank accounts from being linked to terrorist groups. In addition to helping you avoid being a victim of fraud, customer identification helps banks protect themselves against legal liabilities.

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