People 'should closely monitor finances' to tackle fraud

People who are concerned about the threat of financial fraud should ensure they carefully monitor their bank balances, it has been suggested, which might prove useful to those looking to get credit cards in the near future.

While noting that some consumers may not be particularly keen to face up to their finances by opening their bank statements, Which? Money's editor James Daley has noted that this could prove important.

He stated: "If you don't keep on top of what is going on in your account and there are fraudulent transactions there, you are not going to spot them until perhaps weeks later."

People who are hit by fraud may find it easier to deal with if they spot it quickly, the expert went on to say.

Identity fraud is one thing that consumers may need to be aware of, CIFAS recently suggested, with the first quarter of 2010 seeing a rise in this form of crime.

Posted by Tom Burroughs.