subject: Banking And Credit Card Fraud - Can Sms Be The Answer! [print this page] We have all been or will be victims of Credit Card or Banking Fraud; it is simply inevitable with the sophistication of todays fraudsters. Yes the banks and credit card companies are diligent and I am sure has in place numerous measures to combat fraudsters.
With the 113% proliferation of mobile, the humble SMS could be a valuable tool in the banking industries arsenal. Yes some have already adopted these ideas but many have not; So here are some ideas for consideration:
Online During transfer to a new payee a unique code is generated and sent to the registered mobile connected to the account, upon receipt, the consumer simply enters the code received on their mobile into banking web site, validating the transfer, reducing unauthorised transfers.
Online Subscription Billing Many institutions allow for regular payments to be made either via credit card or direct deposit, the issue of a SMS confirmation, empowering the consumer to reply to the text message with a simple YES, hence validating the automatic transfer will provide not only awareness of the transfer but also that additional level of security.
ATM Withdrawals The ability to activate a simple text unique security code during the ATM withdrawal, together with the amount, that the consumer has to also enter at the time of the transaction will certainly reduce skimming and unauthorised use of key cards.
Overseas Transactions Travellers today are constantly confronted with the risk of credit card abuse via unscrupulous retailers, again the ability to simply advise card holders with a SMS text confirmation of all overseas transactions will immediately flag any unauthorised transactions, allowing consumers to contact their financial institution and deal with the matter.
These are just some of the concepts that can be incorporated to assist in reducing fraud in our financial system eco system. Why not contact one of our team to discuss how best we can help.
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