I is for the “Importance” of Banking and Credit Card Alerts

I is for the “Importance” of Banking and Credit Card Alerts

importance of banking and credit card alerts
Credit card alerts can help you avoid fraudulent charges or withdrawals on your accounts. As online fraud continues to increase, banks are constantly trying to stay ahead of criminals by devising advanced processes to fight credit fraud; however clever card hackers continue to make fraud more difficult to detect. According to Javelin Strategy & Research, card fraud rose to a record high in 2016, and there seems to be no end in sight

So, what are we, the consumer to do?  We can start by taking advantage of anti-fraud tools offered by banks and credit card companies such as receiving alerts on our mobile devices – and here are a few good reasons why this makes sense:

  • Alerts are like an alarm system; they can help you keep track of when your money goes in your account or out of your account.

  • A mobile alert can immediately notify you when a transaction occurs on your credit card and help you catch a fraudulent charge immediately. If too many alerts annoy you, set it up with a certain dollar amount spent for notification.

  • You should receive an alert when your profile or passwords change. If you did not authorize these changes, contact your bank without delay.

  • Using your ATM card to retrieve cash is a nice convenience. Set up alerts that inform you if larger than normal amounts of cash are being taken out; you will be able to notify your bank of the unauthorized withdrawal that instant.

  • Helpful alerts on your baking accounts like letting you know if your account balance drops below a certain level can keep you from overspending as well as identifying unauthorized purchases. You will need to act on suspicious activity immediately.

  • Adding an alert for an international transaction will help you verify that you are the one making this transaction.

We the consumer should realize the importance of being pro-active in identifying fraud to help ourselves,  as well as our banking and credit card companies. If you haven’t signed up to get alerts on your mobile device or email, don’t delay, do it today. Remember, the sooner you report fraud, the faster your bank or Credit Card Company can act and the less likely you will be responsible for charges made by someone other than you.
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