If you find a transaction in your account that you don't recognise, it could be unauthorised or mistaken.
Signs of unauthorised and mistaken transactions
An unauthorised transaction is when someone transfers money from your account without your permission.
A mistaken transaction is when when you pay the wrong person or company by using the wrong bank details.
When you check your accounts, look for payments or withdrawals you don't recognise, such as:
- a payment to a person or company you don't know
- a cash withdrawal from a place you've never been
- a transaction on a date when you didn't use your account
- a payment made twice
When you check transactions, keep in mind:
- Transactions can take days to show up in your account. If you buy something on a weekend, the transaction might appear the next week.
- The name of the shop or restaurant might not match the name on your bank statement. Check the business and trading names online.
If you think something is wrong, contact your bank as soon as possible.
How to get your money back
If you find something wrong, contact your bank as soon as possible.
The sooner you contact your bank, the more likely you are to get your money back — and if the transaction is unauthorised, the sooner the bank can stop any further transactions.
When you report a mistaken or unauthorised transaction, get a reference number from the bank. This will help if you to need to contact them again.
If an unauthorised or mistaken transaction occurs on your personal account, and your bank has signed up to ASIC's ePayments code, they have to take steps to help you.
Mistaken transactions
You'll likely to get your money back if it is still in the recipient's account and if you report it to your bank:
- within 10 business days
- after 10 business days — but it will take longer to get your money back
- after seven months — if the recipient agrees to the refund
Unauthorised transactions
You're more likely to get your money back if:
- a forged, expired, blocked or cancelled card was used
- a bank employee or a seller made the transaction fraudulently
- the transaction took place before you received your card, PIN or password
- a seller incorrectly debited your account more than once
- the transaction took place after you told your bank that your card was lost or stolen
- the transaction took place after you told your bank that someone else may know your PIN or password
- it's clear that you haven't contributed to the loss
You're less likely to get your money back if you:
- acted fraudulently
- didn't keep your PIN or password secret
- unreasonably delayed telling your bank that your card was lost or stolen
- unreasonably delayed telling your bank that someone else may know your PIN or password
- accidentally left your card in an ATM
How to protect yourself
Checking your bank statements regularly makes it easier to spot a mistake.
Start by looking at the latest statements to see that regular payments like your wages are going in when they should be. Check what payments have gone out of your account. Look for any transaction purchases where money has been transferred out without your knowledge.
Make sure any direct debits you've set up have gone through. Mistaken transactions can happen if you put in incorrect details. You could be charged a fee for making a mistake like this.
Some ATMs charge you every time you take out cash so watch out for these as they can quickly add up.
Make sure you also look out for monthly account keeping fees your bank charges you, if any. Try setting up a regular reminder to check your bank statement, so every pay day or the beginning or the end of the month.
Learn what to look for when choosing a transaction account that's right for you.
Staying on top of how much money is coming in and how much is going out helps you feel more secure and makes it easier to save.