Financial fraud can happen quickly — but catching it early makes all the difference. One of the best ways to do that? Monitoring your financial activity on a regular basis. You don’t need expensive services or subscriptions to stay informed. Simply making a habit of reviewing your account statements and credit reports can help you spot issues before they become major problems.
Below is information and tips to share forward with your clients and loved ones so they can stay safe from fraud.
What to Look For
When reviewing your bank or credit union and credit card statements, look for:
- Unfamiliar charges
- Unexpected amounts
- Purchases from locations you haven’t visited
- Changes to your contact information
- Recurring charges you don’t recognize
Even small inconsistencies can be a sign of fraud.
Build Familiarity with Your Finances
Knowing your regular income, spending patterns and bills makes it easier to detect unusual transactions. The more familiar you are with your financial activity, the more confident you'll be in spotting something that doesn’t look right.
Use Alerts for Extra Awareness
Turn on your alerts and push notifications through your banking app for things like:
- Low balances
- Transactions over a set amount
- Unusual login activity
- Profile changes
These alerts can notify you quickly if something is off, giving you a chance to respond right away.
Check Your Credit Report
Fraud isn’t limited to your existing accounts. Criminals can open new accounts in your name without your knowledge. You’re entitled to a free annual credit report from each of the three major credit bureaus through AnnualCreditReport.com. Reviewing your reports helps identify unauthorized activity and protect against identity theft.
Respond Carefully to Suspicious Activity
If you notice something unusual, contact your financial institution using a verified phone number or website. Be cautious about emails, texts or calls that request personal information, as these could be phishing attempts.
Stay Proactive
Monitoring your financial activity regularly is a simple but powerful way to help prevent fraud. Make it part of your regular routine and share these tips with friends and family to help protect their finances, too.
For more tips, check out this short video on monitoring for fraud.
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Check out our Did You Know video covering fraud monitoring on YouTube, LinkedIn and our website and share it with your network to help educate others about fraud prevention. Plus, explore our Fraud Monitoring toolkit, which includes this article, email blast verbiage, images and other resources your organization can use to support your fraud education campaigns.
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