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CU System
Fraud text alerts topic of TMG paper
DES MOINES, Iowa (7/6/12)--How financial institutions (FIs) can incorporate text messaging as a crucial communications tool in their fraud prevention programs is the topic addressed by Cards Risk Senior Manager Karen Postma in a new white paper issued by The Members Group (TMG).

The white paper also outlines four misconceptions that have made some FIs hesitant to implement fraud text alerts.

Relied on by millions of people every day, text alerts are a powerful weapon in any fraud-fighting arsenal, writes Postma, in "Turn Mobile Phone Users into Fraud Crime Stoppers."  Yet, she adds, even with the ease of use and potential fraud loss savings, some FIs worry that:

  • Cardholders may dismiss their fraud text alerts as spam;
  • Merchant names are too confusing for text alerts;
  • Members and customers already receive too many marketing-related messages via text; and
  • Text alerts are not practical unless the FI has rolled out a complete mobile strategy.
Postma's white paper addresses those perceived obstacles and summarizes the potential advantages for FIs that provide this simple, non-invasive way for cardholders to help prevent fraud.

"Text alerts reach possible victims faster and have a greater chance of inspiring a response," Postma concludes. "In the realm of fraud prevention, text messaging can become a tremendous ally for FIs battling a sophisticated contingency of card fraudsters."

For more information, use the link.
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