You are responsible for managing your own money so it is important you keep your financial affairs safe and in order.
One simple practical way of doing this is investing in a file in which you can keep statements, letters and information your chosen bank may send you.
Any personal data, including statements, that you no longer need should be shredded to protect against identity theft & fraud. Identity fraud, or theft, is when someone pretends to be you in order to buy things in your name. If you are concerned about Identity Fraud, go to the MyAdviceGateway page Identity Theft & Fraud.
If you suspect that someone has used your account without your authorisation, or knows you PIN number or password – you should contact your bank or building society immediately, for advice.
If you are a victim of identity theft or a scam there are some safeguards to help you get back the money you have lost. To find out what you may be liable for and how to get money refunded. follow this link.
A guide "What To Do If Your Card Is Lost or Stolen" is availble for download at this link.
A detailed explanation of what to do if you think your bank details may have been compromised, can be found at Which? Consumer Rights.
When using a cash machine or ATM, cover the keypad when entering your PIN and be aware of nearby people. If your card gets jammed, retained or lost – report this to your bank or building society as soon as possible.
If you use internet banking, try not to log into your account on a public computer. If you get an email from you bank or building society asking for information do not reply. This is known as “phishing” for account details. Your bank or building society will never email you asking you for details.
If you are called on the telephone, be wary of anyone asking for personal details. One way of making sure the caller is real is asking for their name and then calling the bank back on the official number.
If you would like any more details on practical actions you can take to keep yourself and your money safe, go to ActionFraud.
If you think you have been a victim of fraud follow this link.
Another common concern people have is financial scams – for details on scams and what to do to limit your vulnerability, click here.
For a list of organisations that can help you with financial scams, click here.
If you are worried about the safety of your money, the deposit compensation limit has been raised from £50,000 to £85,000 per person – in other words up to £85,000 of your personal savings is now guaranteed (or protected) by the Financial Services Compensation Scheme (FSCS) should your bank, building society or credit union go bust.
Further information is available from The Financial Conduct Authority (FCA).
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