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Being the target of bank fraud is never good, to put it mildly. Unlike credit card fraud, it can be much more difficult to recover your money if it is fraudulently withdrawn from your bank account. It may still be possible to get your money back, but you will save yourself a lot of headaches if you can avoid the situation in the first place.
And “financial identity theft,” as the Insurance Information Institute calls it, is a serious issue. The organization reports that 47% of Americans experienced financial identity theft in 2020, for a total loss of $712.4 billion.
The good news is that there are some easy steps you can take to avoid bank account fraud. I asked some security and banking experts for their best tips to avoid banking account fraud, and they gave us some basic steps that anyone can follow.
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Check Bank Statements Frequently
Checking your bank statements frequently can be your first line of defense when it comes to fraud. Fraudulent transactions will often stick out like a sore thumb and be easy to spot.
“It’s important to check your financial account balances frequently to monitor activity and…
