3 in 4 Americans Check Their Bank Accounts Weekly for Fraud

3 in 4 Americans Check Their Bank Accounts Weekly for Fraud

October 17, 2018         Written By John H. Oldshue

According to a Consumer Fraud Sentiment Survey from Featurespace, 77% of Americans check their bank accounts at least once a week to look for suspicious activities. Of those consumers, 35% say they check for fraud daily.

The report shows 38% of Americans have experienced fraud and their bank did not send a notification. Nearly three in five consumers (59% expect to be notified immediately when fraudulent activity occurs.

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Online fraud is a particularly high concern among Americans. More than one in three consumers (36%) believe they will experience online fraud in the next year, compared to 7% who say they will experience physical theft. 62% of respondents said they were more at risk of fraud today than they were two years ago.

Monitoring bank and credit card accounts is one way to avoid and minimize the risk of fraud. However, it is also important to secure online accounts. Thankfully, only 20% of respondents said they used the same password for their bank accounts and other online accounts, such as email or social media. That means four out of five Americans have a unique password for their financial profiles.

With regards to fraud impact, 36% of those surveyed had replaced a debit or credit card in the past 12 months due to a security concern. 38% of respondents had experienced fraud on at least one existing bank account, while 32% had experienced fraud with multiple accounts.

Banks have become better at detecting fraud in its earliest stages, but there is still room for improvement. For instance, 51% of participants said they had a legitimate transaction declined due to suspected fraud. Nearly half said they were frustrated by the situation, but they understood that “these things happen.”

The information contained within this article was accurate as of October 17, 2018. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.