(Newswire.net — April 18, 2017) Tallahassee, FL — Identity thieves and other crimes involving the use of credit cards have been hitting the headlines from around the world. This is why credit card companies, financial institutions, and even governments are taking a variety of measures to protect consumers.
Experts reveal why your credit card issuer really wants to text you. Not everyone wants to get messages from companies and banks. However, it seems that this type of a text may potentially please credit card holders.
Starting October 14, 2016, opt-in fraud-alert texts would become mandatory on MasterCards and Visas. Visa necessitates issuers of consumer debit, credit, and reloadable prepaid cards to send these alerts via email, text, or push alerts for fraudulent transactions potentially taking place.
It is important to note that mobile alert programs have already been practiced in largest banks. However, these new requirements are aiming at making mobile and digital contact ubiquitous with cardholders.
One of the best advantages in sending alerts is that it can actually stop fraud quickly. It can save credit card holders from hassles carried along in being a victim of card fraud. The issuers are able to save money by preventing the loss of the card.
It works by requiring banks to offer holders the alerts. Consumers, on the other hand, are not required to receive the alerts. Those who do want to be a part of the program can receive real time emails, text messages, or pushed notifications, which are typically based on certain preferences such as method of spending, the amount spend, or geography.
Notification would be sent when a potentially fraudulent purchase takes place. The cardholder will then be asked by the alert for a confirmation or a rejection of the purchase. Without a response, the issuers may hold on the card temporarily until the verification of the suspicious purchase.
Mark Nelson, the senior vice president of risk product at Visa, states that from a fraud-reduction perspective, the technology is very good.
According to Ben Knieff, a senior analyst with Aite Group, which is a financial industry research company, purchase alerts compared to phone calls are a better customer experience. It even reduces call center costs.
Credit card holders are advised at all times to take prudent care in managing their credit cards. They may even use the RFID blocking sleeves that are designed to fight electronic criminals from stealing personal and financial information.
There are many credit card holders who use the RFID blocking sleeves to reduce the risk of being victimized by identity thieves. Individuals who want to take advantage of these sleeves may go to amazon.com (http:www.amazon.com/RFID-Blocking-Sleeves-Protector-Protection/dp/B0150T0AI2/).
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