March 25, 2010
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News: Banks Partner With Customers To Prevent Fraud
With identity theft and credit card fraud being the fastest growing criminal activities, it is more important than ever to take extra precautions in safeguarding your personal information. Banks realize the value of working in partnership with their credit card consumers in the protection of their personal information. That's why several banks have added applications that allow their customers to set up text message or email alerts. Customers can set up free alerts personalized to meet their needs that update them on credit card account activity and transactions on their card. Most of the major credit card companies offer the service at no charge to their customer. The latest bank to join these efforts is Wells Fargo.
Wells Fargo announced its new program called Rapid Alerts that will notify its Visa credit cardholders that have been enrolled of important transactions occurring on their accounts. When customers enroll in the free program, they will have the ability to personalize their alerts by selecting the type of transactions and dollar amounts they wish to monitor. Rapid Alerts can be text messaged or emailed and will contain valuable information that allows the customer to view the details of the transaction. Alerts are sent immediately following the transaction allowing the credit card customer to respond quickly if it is an unauthorized transaction. The quick response capabilities give lenders the edge in immediately curtailing any additional charges by thieves.
According to Peter Ho, Product Manager for Wells Fargo Card Services and Consumer Lending, the new service is part of the bank's commitment to help its credit card customers become financially healthy. Ho said that customers will receive “added peace of mind” with Rapid Alerts in knowing that they'll receive real time information about any possible card fraud. It will allow them to take immediate action and prevent future damage. Some of the alerts available include: Transactions that exceed a dollar amount chosen by the cardholder; Transactions initiated internationally; Card-not-present transactions, such as purchases made online or by telephone; Cash withdrawals from an ATM machine; Declined transactions; and, Gasoline transactions.