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Brits check their change, but not their bank statements

30 October 2013

Three in four (73%) Brits check their change when paying by cash, but only 55% say that they properly check their bank statements and/or credit card bills - potentially leaving themselves open to undetected fraud and errors. 

Just over a third (34%) of people admit they only scan over their statements, checking the odd transaction, while 8% say they hardly ever look at them.  But 19% of respondents had been a victim of fraud where money has been taken out of their bank account, and 13% had spotted fraudulent activity when checking through their statements.

The survey of over 2,000 adults, commissioned by comparison website Gocompare.com, also looked at when people ask for receipts:

  • 57% ask for a receipt for everything they buy
  • 26% only ask for receipts for clothes, shoes or other goods they might return 
  • 19% get a receipt when they make a cash point withdrawal
  • 5% never ask for a receipt

Almost four in five (78%) respondents said they request receipts as proof of a purchase, while only 38% wanted the receipt to check their purchases against their bank and/or credit card statements.

Matt Sanders, Gocompare.com's credit card expert commented, "It's surprising that people take more interest in whether they've been short-changed when paying cash than take the time to check that their bank or credit card statements are correct. 

"You should always check your statements against your receipts for purchases, cash withdrawals and your other outgoings and, look out for unfamiliar transactions which could be a result of an error or fraud.  If, when checking your statement, you spot a charge for something you didn't buy or expenditure you don't recognise, contact your bank or card issuer immediately."


Notes to editors:

On 3 October 2013, Vision Critical conducted an online survey among 2,001 randomly selected British adults who are Springboard UK panelists. The margin of error-which measures sampling variability-is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.