3 in 4 Americans Check Their Bank Accounts Weekly for Fraud
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.
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.”