Ways to avoid payment through your bank statement
Bank statements are generally regarded as a nuisance by most people. Most only seem to notice them when they are needed as a requirement for other transactions. They do serve another purpose other than clogging up your mailbox: avoiding payment fraud.
AVOID PAYMENT FRAUD. One of the ways to reduce the incidence of fraud is by being proactive and cultivating safe payments card habits ourselves. Here, Mastercard lists down the top three safety practices to pick out fraud and the things you should look out for when eyeing your statement.
Bank statements contain information vital to knowing whether or not your card was used for transactions you have no idea of. They contain every piece of information you need to know whether it was you that used your card or not: date, time, amount, and even the location where it was used.
Our friends from Mastercard have listed down three safety practices to pick out fraud and what you should be looking for in your bank statements:
- 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.
- 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.
- 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 swiftly to 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. They also play a vital role 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 payments experience.
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