Bank fraud is on the increase and can cause a significant amount of stress and heartache. But, with the right bank account, you can avoid these issues.

Why It Is Important To Choose The Right Bank Account

Fraud is reported all the time but it seems like banks are becoming less interested in supporting their customers. The recent case of Mark Wheeler losing £9,000 is a perfect example and illustrates why you need to choose the right bank account.

By all accounts, Mr Wheeler initially got a good response from the bank but this was quickly replaced with a lack of interest, support, and information regarding the correct process.

In order to avoid people being scammed a second time, the bank needs to offer the best possible support. That’s why it is so important to choose the right bank account in the first place.

Why Fraud Is An Increasing Concern

Reports suggest online fraud attempts are up by 25% in the US. If you think that is bad then consider the fact that UK bank fraud cases have doubled during 2020. In short, nearly £500 million was lost to fraud in the year.

Worryingly, one of the biggest reasons for the increase in bank fraud is actually thanks to an increase in bank staff prepared to defraud customers. Alongside this, an increasing number of people are anxious about a variety of things and COVID-19 has made this worse. This anxiety is comparatively easy to exploit by criminals who will pose as genuine businesses in order to take your money.

The more anxious people are and the more reliant on technology, the easier it is for dubious characters to perpetrate bank account fraud.

A reputable bank will offer an array of safeguards with their bank accounts to ensure you are as well protected as possible. They will also support and guide you through the procedure if you are a victim of bank account fraud.

Top Tips To Avoid Being A Victim Of Bank Account Fraud

There are several basic tips you can follow that, along with choosing the right bank account, will help to prevent you from being a victim of bank account fraud.

  • Never give out your PIN

The golden rule is that you never give out your PIN number. This allows people to withdraw money from your account and make larger purchases in person. You simply need to remember that you should never be asked for or give out your PIN number.

  • Check phone numbers

If you are worried about bank account fraud then you need to contact your bank. However, you should never contact a number you have just been given. Instead, check the bank phone number on the official website and then call them.

  • Change passwords regularly

You will have a password to access your online account. This password must be changed regularly and you should never use anything that is easy to guess. That means avoid family names and birthdays.

  • Review your statement regularly

It is essential to get a bank account with online access to your statements. This will allow you to check them regularly and make sure that no money has been removed without you knowing or noticing.

A good bank account will give you contactless cards, the ability to pay digitally, send money globally, and allow you to enjoy free cash withdrawals. But, the real mark of a good bank account is one that has all the support you need and offers advice to help prevent fraud as well as guidance if the worst does happen.