If you are like the nearly 90 percent of consumers1 who are concerned about potential fraudulent charges made on their payment card accounts, you probably check your account balance carefully and regularly. But did you know there is a proactive way to ensure you are aware of all charges made against your payment card without having to log into your banking app?
The majority of consumers (69 percent) do not know or have not signed up for transaction alert services offered by their banks. Transaction alerts offer security, control and convenience for identifying fraudulent charges and tracking spending. For cardholders in the U.S., transaction alerts can be set for specific transaction amounts, geographies or transaction types (ecommerce, phone and mail orders). Once an alert is triggered, cardholders receive a notification in near real-time via email, text message or push notification.
For financial institutions, the service enables consumers to report fraud as soon as possible-adding another layer of fraud protection.