Service Enables Issuers to Provide Greater Control and Peace of Mind to Visa Cardholders; Consumers Able to More Closely Monitor Accounts and Track Spending
Alerts are sent on behalf of participating issuers directly from VisaNet, Visa’s global processing network, typically within seconds of a transaction occurring. Alerts are triggered when the transaction meets certain criteria the account holder has selected and are delivered directly to the account holder via email, SMS text message or the Visa Mobile application. Visa’s transaction alerts let consumers monitor their accounts for unusual activity and take immediate action if they believe a potentially fraudulent transaction is taking place.
“Visa is empowering cardholders to take an active role in managing and protecting their Visa account,” said
A recent study by Javelin Strategy & Research found that two out of three American consumers believe that financial alerts are useful and valuable, and that by 2014, 41% of online households – or 62 million – will receive financial alerts.2
“Americans hunger for alerts that give them confidence that their money is safe,” said
Alerts generated while transaction is “in flight”
The alert message sent to account holders contains the amount, time and date of the transaction, as well as information relating to the merchant, such as name and location. If the transaction appears to be irregular, the account holder can immediately contact their issuer to help stop further transactions on the account. Transaction alerts are designed to help reduce and mitigate fraud by making consumers aware of charges to their accounts in near real-time. By identifying potentially fraudulent transactions earlier, consumers and financial institutions can avoid financial losses.
Consumers will be able to subscribe to the service through their participating issuers and “opt in” to choose the kinds of transactions for which they wish to receive alerts. Criteria for transaction alerts that Visa cardholders may choose include:
Cardholders embrace availability, increased protection
Over the last 12 months, Visa trialed transaction alerts with eight leading North American financial institutions and more than 2,000 participants. Results showed that consumer satisfaction increased dramatically with banks that offered account monitoring capabilities and fraud protection via mobile devices. Visa recently announced the launch of an enhanced Visa Mobile application with
1 Subject to wireless carrier’s network coverage and other details
2 Source: 2009 Financial Alerts Forecast: Alerts Remain Highly Valued, But Consumer Adoption Slows Due to
Elvira Swanson, 415-932-2564