DES MOINES, Iowa (11/29/12)--Cardholders at nearly 60 financial institutions can now opt-in to receive fraud text alerts on their mobile banking devices, a service offered by The Member's Group (TMG) to its clients' cardholders.
Also, TMG Financial Services, a sister company and agent issuer of ATIRAcredit for more than 50 financial institutions, has signed on to provide TMG's fraud text alert services to ATIRAcredit cardholders.
Among the credit unions offering TMG's fraud text alert service are:
- Deere Employees CU, based in Moline, Ill., with 22 locations in Georgia, Illinois, Iowa, North Dakota, South Carolina and Wisconsin;
- DuTrac Community CU, Dubuque, Iowa, serving members in 11 Iowa locations;
- Eli Lilly FCU, Indianapolis, Ind., and its seven branches in Indiana;
- Mission FCU, San Diego, with 22 branches throughout San Diego County;
- Purdue FCU, West Lafayette, Ind., with 11 locations in the state; and
- United Nations (UN) FCU, Long Island, N.Y., with three branches in New York, and locations at UN duty stations in Rome, Italy; Vienna, Austria; Geneva, Switzerland; and Nairobi, Kenya.
TMG's partners and cardmembers have "encouraged the development of mobile features for credit cards, particularly a tool like this that allows us to act quickly when there is a questionable transaction," said April Schmaltz, vice president of marketing for TMG Financial Services.
Merrill Halpern, assistant vice president of card services at UNFCU, noted that cardholders are "an important line of defense in the ongoing fight against card fraud. By providing our members with real-time transaction information--right on their mobile devices--we have given them a useful tool, alongside us, to combat fraud."
The alerts are triggered by a financial institution's "unique fraud prevention strategies, not by individual cardholder-initiated settings, which is excellent for budgeting and account management," said Karen Postma, TMG cards risk senior manager. "But when it comes to fraud prevention, you really need those texts to be driven by proven prevention strategies and highly trained specialists."
When a transaction is flagged as risky, cardholders receive a text message asking them to verify the transaction or report it as a possible fraud. If the transaction is reported as fraudulent, TMG places a hold on the account to prevent further transactions and works with the cardholder to resolve the situation.
Six more credit unions are planning to deploy fraud text alerts in first quarter of 2013. TMG will soon add e-mail to its contact strategy so cardholders can choose between text and e-mail communication to receive the alerts.