Would you notice if money went missing from your account?

Although most people live within a certain budget each month a new report has suggested that an alarming number of consumers in the UK would fail to notice right away if up to £1000 went missing from their accounts, and this indicates that many consumers are extremely lax when it comes to managing their bank accounts, putting them at increased risk of falling victim to fraudulent activity.

According to recent research an alarming nine out of ten people would fail to notice straight away if up to £1000 was missing from their accounts, which is very worrying particularly in light of the mass data loss resulting from the missing disc from HM Revenues and Customs, which contained the banking details of around 25 million people. It is thought that one of the causes of this problem is a phobia of finances, where consumers are too worries to check their accounts in case the balance is lower than they expected. In this situation consumers tend to prefer to bury their heads in the sand until they are forced to look at their finances, which puts them at risk of not even noticing if money is taken from their bank account.

One industry official stated: ‘These findings suggest consumers need all the help they can get to keep tabs on their money. Poor money management and existence of “finance-phobia” in Britain is worrying considering the rising levels of debt problems Britons face.’ In addition to failing to notice missing money, those that fail to monitor their bank accounts are also at risk of being hit with a myriad of bank charges, which will keep taking them further into the red.

It is estimated that over £43 billion worth of unwatched money is sitting in accounts across the UK. Around half of the British public do check their account balances on a weekly basis, although this would still not immediately flag up any money being taken from the account unless it was taken on the day that the consumer checks the account. However, a further 25% only check their accounts on a monthly basis, and this puts them at an even higher risk of failing to notice missing money.

Experts have been warning consumers to keep a close eye on their bank accounts for a number of reasons. Banking fraud and identity theft are rife in the UK, and failure to monitor your finances could mean that you miss the chance to spot suspicious transactions that could later land you in hot water. For millions of people it has become even more important to check bank account details and balances recently, and this is because of the loss of bank details on the disc that was lost by HM Revenues and Customs.

Checking accounts and bank details should not prove too much of a problem for those with Internet access, as most banks now offer online banking facilities that allow accounts balances and statements to be checked at the click of a button, and this can really reduce the chances of falling victim to this sort of fraud for many. Those affected by the HMRC data loss are also advised to sign up to a credit reference agency and check their credit file on a regular basis so that any suspicious transactions can be quickly identified and dealt with.

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• Opening and Closing Bank Accounts
• Internet Bank Accounts – The Benefits and Drawbacks
• How Safe Is Your Internet Bank Account?

Tags: funds, missing, account, online, accounts, bank, transactions, internet