The Anonymous Widower

Could Banks Help To Cut Fraud By Doing Simple Things?

A couple of days ago, I noticed a spurious and unknown payment in my bank account for £115.73. It was just labelled Bank Ctedit, with no indication as to who had sent it.

Checking for those that usually pay money into my account, I could not find a similar payment in the past. So I came to the conclusion, it was probably an error in the banking system. Or possibly some clever fraud! But then I’m cynical.

This morning it revealed itself as a rebate from nPower, who supply my electricity and gas. Perhaps four days ago, they read my electricity meter, so there is a possible explanation.

But supposing that the credit had been a debit, or I had not noticed it, as many people don’t check their bank statements every day, as I do.

Now if the banks put more information on the pending debits and credits, which they must have, it might help cut fraud, in that customers would be alerted to what was happening earlier.

It’s the same with cashpoint withdrawals, where the information is very minimal.  How many people would spot a fraudulent withdrawal from their bank account, from the information given now. If the withdrawals were properly labelled, customers would probably spot an illegal one earlier and more easily.

August 1, 2013 - Posted by AnonW | Finance, World | Banks, Fraud