Account transaction alerts

With financial fraud becoming a more frequent threat for consumers, the provision of account transaction alerts can be a simple way of handling fraud prevention.

Transaction alerts, which flag up significant transactions on a bank account via SMS to the account holder, give consumers the peace of mind that their accounts are safe as well as the confidence that their banks care about securing their assets. As well as minimizing fraud, the first and immediate effect is high customer loyalty and retention.

Offering account transaction alerts via outbound SMS is becoming standard in many retail banks around the world: in this way it is possible for consumers to immediately identify fraud in their bank accounts.

If a consumer receives an SMS informing them of a transaction which was not performed by them, the customer can immediately respond to their bank by reply SMS in order to cancel the transaction.  The nature of high reliability means that this sort of message can be guaranteed to reach the right person at the right time. Also, by offering a 2-way interaction channel, it is possible to maximise the chances of identifying fraudulent transactions.

To enable this sort of security and control process, it is important to have reliable, time-critical mobile communications. For alerts of this type to be effective they must be delivered in real time, at the moment the transaction is made. SMS is the ideal technology to address this need.

Banks and financial companies can also implement banking updates as well as dynamic one time passwords & mTANs in order to enhance authentication procedures for transactions performed in online and mobile banking applications.