Fraud is one of major issues that face consumers today. The rise of the internet and technological advances in payment systems, although convenient, can come with a price. Confidential and highly sensitive information has never been more prevalent in cyberspace. Hackers and thieves who are technologically savvy can and have found ways to break into even the most secure systems. More than ever before, cardholders and credit card companies have a shared responsibly to protect sensitive information from getting into the wrong hands.
The best thing that credit card companies and merchant accounts can do is secure the systems they use to do everything possible to prevent fraud of consumer confidential information. Fraud not only hurts the victims but hurts businesses. Businesses have a reputation to protect and when consumers have reason to believe that their information is not safe and secure they stop purchasing from businesses that have fallen victim to fraud.
The last thing the economy needs is for people to stop spending because of fear. Spending is what makes the economy keep churning. Just recovering from an economic downturn the last thing we want is consumers to stop spending, especially because of the threat of fraud.
Fraud has been a longtime concern for many credit card holders, especially following the holidays and with online shopping on the rise. The instances of reported frauds and potentially compromised credit card numbers have been more frequent, receiving heavy media attention. Some credit card companies are paying very close attention to these increased risks and taking steps to make credit card transactions and consumer responsibility a shared commitment.
Partnering with Cardholders
A few days ago Wells Fargo, one of the leading credit card companies confirmed their plans to partner with Visa to take advantage of a new feature called Rapid Alerts. This feature will take additional steps to protect cardholders against fraudulent credit card activity. Consumers can enroll in the service that will provide automatic text message alerts when activity occurs on their credit card.
This new feature is called Rapid Alerts which is free to Visa cardholders. Rapid Alerts is being marketed as a way for cardholders to manage their accounts as well as be notified of possible fraudulent card activity.
Cardholders can choose from a long menu of alerts that they want to receive in an effort to keep them immediately aware of the activity on their card. This service is designed to assist the cardholder in receiving alerts that immediately inform them of card activity. The service can be specifically designed for each individual cardholder.
The Rise of Rapid Alert
The Rapid Alert message will be text to the phone of the cardholder immediately following a purchase. The message will contain the vendor name, the amount of the purchase and the last four digits of the credit card being used. The text immediately goes to the cardholder who can then determine their next step. If the purchase is legitimate they can disregard the message, if not they can immediately notify their credit card of fraudulent or unauthorized activity on the card.
No more waiting for days or even weeks for the credit card statement to determine that a charge was unauthorized. This new feature allows consumers immediate communication from the credit card company about activity relating to their card.
Wells Fargo is working to get the message out about this new service that is specifically designed with consumer protection and responsibility in mind. The idea is to keep the service simple to maximize the number of cardholders who can and will participate in helping to protect against the threat of fraud.
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