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Look after the pennies

Author: Henry Ejdelbaum

Tags: Bank Accounts, fraud, Tesco Bank

After the recent problems with Tesco Bank I started thinking about checking my bank account. We all know that we should regularly check our bank accounts for unexpected items and we will probably all be able to spot a significant, unexpected, payment. But what about the small items? The use of contactless cards is becoming more and more common – it is so much more convenient to “tap” rather than to dig in purses and pockets for change – and this means more and more small transactions going through bank accounts.

With this increased volume of transactions are we really sure that we would spot a “wrong ‘un”? Often the name of the business which appears on our bank statement has no indication that it is connected with the “brand” we thought we were doing business with.
Does it matter if we miss a small item which shouldn’t be there? Yes it does, it is a common fraudsters ploy to take a small amount before taking a large amount. So be vigilant and if you see something you do not recognise contact your bank at once!

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