How to spot a fake bank statement
An edited statement usually breaks its own arithmetic. Here is how to find where.An edited bank statement usually breaks its own arithmetic. Here is how to find where.
Follow the balance
A statement is a chain: the beginning balance plus deposits minus withdrawals equals the ending balance. Where a running balance is printed, each line's balance should equal the previous one plus that line's amount. When someone inflates a deposit, the next balance often doesn't follow, or the totals at the top don't match the lines below.
Check the deposits
- Paychecks should arrive on a regular schedule and match the net pay on the pay stubs, within a day or two of each pay date.
- Payroll deposits often name the employer or a payroll company in the description.
- Transactions should fall inside the statement period printed at the top.
Check the routing number
Routing numbers carry a built-in checksum, so a mistyped or invented one usually fails it. If the statement shows one, it should pass and belong to the bank named on the statement.
Check the file
A statement downloaded from online banking comes from the bank's own system. A statement that was saved again in a PDF editor, uses mismatched fonts in the amounts, or has text placed on top of the original is worth asking about.
Get the statement from the bank
The most reliable copy is one you see come from the bank: ask the applicant to download the same month from online banking while you watch, or to show you the account in the bank's app. Ask every applicant the same way.