Alerting Compromised Cardholders Via Text

This is taken directly from ACI Worldwide’s “Stopping Card Fraud In Its Tracks” report:

Improve customer service and detection with auto alerting Automated alerting of transactions, for example using SMS or auto dialing, enables the bank to contact customers when a transaction occurs that meets their pre-set parameters; such as then it is over a certain amount or outside their usual spending habits.

The customer receives an alert about the transaction which gives them the opportunity to immediately reply and block their card if it is fraudulent. Alerts can also be used for any transaction that the bank thinks is suspicious, even if it is within the customer’s usual limits.

Auto alerting can be cheaper, simpler and a more real-time method of managing potential card fraud compared to the traditional customer letters sent to potential victims.

While the reported ‘recession crime wave’ explains why, more than ever, banks need to take a proactive approach to managing and preventing fraudulent transactions, this cannot come at the expense of great customer service.

Taking this a step further, by allowing customers to set the security parameters that they feel most comfortable with and sending an automated alert that doesn’t require human intervention when these are breached, banks can put the control back into the hands of the customer and deliver a more personalized banking service.

The customer experience will be improved through reducing the number of false positives, while also minimizing the risk of genuine fraud being masked.

Top Tips

• Use automated alerts to decrease fraud staff workload and enable more efficient work practices
• Use auto alerting to allow customers to set their own security parameters and enable you to deliver a more personalized banking service