Compare the Market is warning that millions of Australians may not be aware of fraudulent activity on their bank account, with new research revealing that more than half of Aussies don’t keep a close eye on their finances.

The new research reveals that 53.6% of Australians surveyed don’t look at their bank account daily – a concerning statistic according to Compare the Market’s Economic Director, David Koch.

“We’ve all heard the stories of hard-working Aussies being swindled out of their savings or noticing funds missing from their bank account,” Mr Koch said. “These scammers will stop at nothing to prey on innocent people.

“Greater vigilance can be part of the solution. It’s not always possible to get money back if it’s been stolen, but you may have a better chance if you monitor your accounts and report fraudulent activity as soon as possible.”

Aussies collectively lost $455 million to scams last year, with phishing, false billing, online shopping scams, identity theft and hacking among the most reported.

“More than half of those who experienced bank card fraud didn’t know how their personal details had been obtained,” Mr Koch said.

“But checking your bank account regularly, and reporting suspicious activity, could increase your chances of getting the money back. At the very least it could prevent worse damage being done.”

In some good news, Compare the Market’s data found that 46.1% of those surveyed at least look at their bank account every week. Around 5.5% only look at their account once a month.

Meanwhile, just over 2% of respondents said that they rarely check their bank account, with Gen Z being the most likely to forego looking at their account (3%).

If you’re ‘too busy’ to check your account every day, Mr Koch said people should be monitoring their account once or twice a week as a minimum.

“Keeping across your accounts and spending habits can be a great incentive to save too,” Mr Koch said.

“Try setting up automatic transfers the day you get paid into your savings account. For example, if you transfer $200 per week into a high-interest savings account of 5.5%, then in 10 years, you could have saved $138,000.

“Every time you log in, you will be able to see the dollar figure in your savings account climbing higher and higher”.

Kochie’s top reasons why you should check your bank account every day:

1. You can see whether your balance is getting low

2. You can spot fraudulent activity

3. You can break bad spending habits

4. You can become more motivated to save

5. You can put your anxiety to ease

*Survey of 1005 adult Australians, conducted in January 2024.

For more information, please contact:  

Natasha Innes | 0416 705 514 | natasha.innes@comparethemarket.com.au

Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, travel and home loan products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.