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Pilot Credit Fraud Protection Program by Visa
It is no secret that consumers today are terrified by regular reports of ID fraud cases. Every day you come across information about unauthorized charges on credit cards, card losses or phishing via e-mail or phone. Once being a victim of ID thieves, a consumer can spend years on repairing the damage of both credit history and finances. However, there are serious measures taken by credit issuing companies. It is quite understandable, because fraudulent activity also results in the significant losses that banks incur.
A group of lenders from Canada and the USA in cooperation with Visa Inc. started a new program for protecting customers from credit card fraud. The program basically provides real time alerts about all suspicious transactions with your credit cards. Thus, the service widely known as fraud alert has become more convenient and fast.
Visa company has already tested the fraud alert delivery system on several thousands of customers. Most of them share the opinion that this service helps to take a closer control over all types of transactions with their plastic money.
So, how does the system work? Each Visa cardholder is sent a notification every time his plastic is used. The message is delivered in a few seconds after the transaction took place. As soon as you learn about some fraudulent activity, you can report ID theft to the bank and credit reporting agencies. In fact, the whole procedure saves a greater deal of time than usual fraud alert services, like credit monitoring. If you use the latter, you are going to be informed about identity theft no sooner than in a month, because credit card companies make reports to credit bureaus once a month.
With the new service, you can choose getting fraud alerts by e-mail or sms. All types of credit card usage is reported by means of the system: online credit shopping or transactions by phone, purchases abroad or ATM usage. After you receive the alert, you are supposed to check the details of the transaction. In case it wasn't you who made the purchase, you should contact the bank as soon as possible and ask to block your credit account. This is the surest way to avoid further fraudulent usage of your credit.
Pilot fraud alert program is launched in cooperation with such leaders of the US banking industry as Wachovia, Wells Fargo, PNC, Sun Trust, U.S. Bank. In Canada the program involves Royal Bank of Canada, Vancity, TD Bank Financial Group.
After testing, Visa specialists will make a conclusion about the effect of alerts delivery and decide whether the program will be offered to all Visa users. Fraud protection system is going to become part of Visa Mobile Platform, the set of mobile services provided to Visa card holders. Thus the range of interactive tools included in online banking services will get wider and help banks and mobile operators develop the market of mobile services.
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