Fraud Detection: The U.S. Bank Proposes New Detection Alert
- In line with its programme designed to improve real-time follow-up of financial transactions, the U.S. Bank no longer limits its mobile alerts to credit card incidents but also includes ATM and debit cards. According to the bank, these tools can help enhance personal finances management and resolve fraud-related disputes. The alerts are delivered via SMS and/or e-mail.
- The cardholder’s location is checked upon in case funds have been misappropriated outside of a predefined or usual geographical perimeter.
- The customer can require that alerts be sent when predetermined amounts are exceeded with merchants, at the ATM, in CNP situations, etc. he can also be notified when transactions are performed abroad.
- He can enrol through the online banking portal and specify the amounts and channels. This service is not charged by the bank but can be subjected to message and data rates from the telecom operator.
- Since 2009, U.S. Bank has also been getting involved in several operations to promote contactless payment in partnership with Visa and MasterCard, as well as with DeviceFidelity, FIS and Monitise based on MicroSD chips for instance.
- Financial and Banking players are now responding to growing expectations on the part of their customers in terms of personal finances management. They are also trying to avoid being impacted by fraud issues (see July 2011 Insight). These non-preventive functionalities allow for their customers to check on their account; they help improve the institutions’ image and resolve fraud issues quicker.
- U.S. Bank is then joining other players such as the Bank of Montreal which was the first to propose a free alert service working across all channels.