With an increasing number of smaller value items to review on our bank statements, the potential for missing a fraudulent transaction may be higher than it once was.
While only 7% admitted that they would struggle to spot a fraudulent transaction due to the number of items of their statement, and only 6% because they wouldn’t know what a fraudulent transaction looked like, these numbers perhaps tell only part of the story.3
When asked if they would spot a fraudulent transaction no matter the size, or spot a fraudulent transaction from a name they didn’t recognise, only 54% and 51% of people agreed, respectively.3 This suggests a significant proportion of the population weren’t confident that they would be able to do so.
And for some security was certainly an issue, with nearly a quarter (22%) of respondents saying bank accounts are less safe than they used to be.3
In reality, however, there has been a relatively small rise in money lost to debit card fraud – up from £610 million in 2008 to £671 million in 20181 - although an increase was recorded in seven of the ten years analysed.