A quick balance check tells you how much money you have—not whether every transaction belongs to you. Review your bank, credit card and payment-service activity regularly, then examine each monthly statement. Look for unfamiliar purchases, withdrawals and transfers, and report anything unauthorized immediately.
The stakes reach beyond a stray charge. The FTC says people reported losing $3.5 billion to imposter scams in 2025. That figure covers impersonation scams, not just account fraud, but it underscores why checking activity and verifying supposed bank alerts both matter.
How often should you check your bank statements?
Make a brief account review part of your weekly routine, and read every statement when it arrives. Check more often after losing a card or learning about a breach. Treat this schedule as a starting habit, not a reason to wait when something looks wrong.
Review payment apps separately, too. Compare their transaction histories with linked bank and card accounts so you understand where money went. Turn on available transaction alerts, but keep reviewing statements: notifications do not replace a complete account check.
What warning signs should you look for?
Scan every transaction, not just large purchases. Compare entries with receipts, order confirmations and your own payment history. Pay particular attention to:
- Small, unfamiliar charges: Criminals sometimes test stolen payment details before attempting larger purchases.
- Unexpected withdrawals or transfers: Check ATM activity, automatic debits and payment-app recipients.
- Duplicate or incorrect amounts: These may indicate billing errors rather than theft, but still need attention.
- Recurring charges you cannot explain: Review subscriptions and canceled services.
- Missing refunds: Match promised credits against your records.
Does an unfamiliar merchant name always mean fraud?
No. A statement descriptor may differ from a store’s familiar name. Check receipts and ask other authorized account users before deciding. If you still cannot explain the transaction, contact your provider promptly. Do not ignore a small amount simply because investigating feels inconvenient.
What should you do if you spot an unauthorized transaction?
Act as soon as you notice it. Follow these steps rather than waiting for the next statement:
- Open a trusted channel. Use your provider’s official app or the number on your card. Avoid links and phone numbers in unexpected fraud messages.
- Report the transaction. Explain what you did not authorize. Ask about securing the account, locking or replacing the card and stopping further transfers.
- Document the details. Save the transaction date, amount, merchant or recipient, screenshots and case number. Record when you contacted the provider.
- Follow the dispute instructions. Ask whether you must submit written confirmation and when. Keep copies and track the response.
For U.S. accounts, timing can affect your protections. The CFPB explains that you should report unauthorized bank withdrawals immediately and generally no later than 60 days after the bank sends the statement showing them. Lost or stolen debit cards, PINs or security codes can trigger a much shorter two-business-day reporting window to limit liability. Do not treat any deadline as a waiting period.
Credit cards and payment services have different procedures; ask your provider which rules apply. Describe accurately whether someone moved money without permission or a scammer persuaded you to send it. Never transfer money to a supposed “safe account” because an incoming caller tells you to.
How should you store and dispose of statements?
Keep records you need for disputes, taxes or other requirements securely. When you no longer need paper copies, shred them rather than putting readable statements in the trash. The FTC recommends shredding documents containing personal or financial information when you dispose of them. Preserve evidence of an unresolved dispute.
Build a habit that protects your money
Set a weekly review reminder and check each statement when it arrives. Catching unexplained activity sooner gives you a chance to stop further misuse and report within important deadlines. Start today: open one account, review recent transactions and investigate anything you cannot explain.
