Banking Fraud? Tell me and tell me quick!

It’s no secret that rapid response to a cybercrime such as a banking trojan transfer of funds will help your bank recover the funds. The gap has traditionally been in the ‘knowing what to do about it’.  The savior of 21st century banking may well come down to user-modifiable rapid SMS text alerts and email transaction notification.

Banking users are way ahead of the game: they believe that the faster they’re notified of transactions as well as potential fraud, the more satisfied they are with the bank.

From Bank Systems & Technology’s blog:

• • In a fraud communications survey published in April, Harris Interactive found that 89 percent of consumers prefer to be notified by multiple and various forms of communication. Further, more than half of consumers between the age of 18 and 34 would prefer a text message.
  • …In the survey, banks that were notifying consumers as quickly as possible or immediately across multiple channels performed well [and] they also improved cardholder confidence.
  • [Transaction] notifications over multiple channels were also significant.
  • …The findings also seem to indicate consumers' growing reliance on mobile, particularly in communicating via text message.

Does your bank offer this service? Should it?

By the way, if you need steps about how to handle a lost or stolen credit card, click here.

Securing Our eCity Contributing Writer