New program offers real-time protection and security…
Visa, the global leader in payments, will be initiating a near real-time, electronic alert program that will help identify suspicious transactions on Visa accounts – typically within seconds rather than hours or days. Visa will be working with a number of major banks during testing, including PNC Bank, SunTrust Bank, U.S. Bank, Wachovia, and Wells Fargo in the United States, and Royal Bank of Canada, TD Bank Financial Group, and Vancity in Canada.
”Information is power, especially when delivered in a timely manner,” said Elizabeth Buse, Global Head of Product at Visa Inc. “Visa already delivers real-time transaction risk scores to financial institutions, and we are now empowering cardholders in this pilot with real-time transaction alerts. Participating Visa cardholders can typically receive alerts before they walk out of the store, rather than hours or even days later.”
There will be approximately 2,000 customers participating to test the delivery of real-time alerts on Visa accounts. Consumers will receive alerts about potentially suspicious activities that meet certain criteria based on triggers that may indicate fraudulent activity via e-mail and text messages to mobile devices. The criteria being examined would include transactions that exceed a specified amount that the cardholder has preselected, transactions in a country other than the cardholder’s, online or phone transactions and cash withdrawals from ATMs. Customers receiving an alert could then either verify the transaction deatils in question or if the transaction appears irregular, contact the bank to stop further transactions on the card.
* Learn more by reading the Pilot Program Press Release (from Visa) >