Money Monday

#MoneyMonday – Check your bank statement

#MoneyMonday with Take Charge of Your Money

Take Charge of Your Money logo

Short to-the-point money thought every Monday to give you motivation, perspective or action for the week. Get these straight in your inbox.

Why check your bank statements?

A friend of mine recently tweeted that he had 4 fraudulent debit orders coming off his bank account last month. Can you believe it?

They were only small amounts ranging from R80 – R135 which are very easy to miss if you aren’t actually checking your statement each month. In fact Tebogo also mentions a fraudulent transaction which he had to get canceled, see the post on making time for your money. This transaction was for R99 a month with a reference of ‘Naidoo’ on his statement.

This quite frankly is really scary stuff as it means that fraudsters are able to get enough personal information that lets them set up debit orders via banks. Thus, they potentially have your name, surname, ID number and banking details!

Wow, imagine a few small amounts being stolen from your (and others) account each month – it will quickly add up to huge amounts! And to be honest I don’t know what action you can take if you only notice it a few months later. You probably just lose out!

So there you have it. Fraudulent transactions from your bank account are real and are on the increase!

What you can do now

Get into the habit of checking your bank statements either weekly (for example every Sunday afternoon), or do it once a month when it is sent to you. Match transactions to your budget and check that all is in order.

Prevent Fraud

Be vigilant with your personal information! Shred anything that shows your name, address, phone number or any account number. Also be vigilant on the phone and don’t trust anyone random caller asking for your details.

Call centre agents go to great lengths to ask you “security” questions to ensure that you are the right person they’re speaking to. Nothing prevents you asking them questions too. If you’re in doubt simply ask for their name and then call the call centre using the number on the companies website and ask for the particular agent. That way you know you really are dealing with the company that the caller said they were from.

Don’t think it will never happen to you! Be on the look out and take immediate action if you find something fishy.

Please share your thoughts

%d bloggers like this: