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Visa issuers pilot fraud-warning system
NEW YORK (8/21/08)--Visa Inc. and eight credit card issuers are piloting a system that notifies cardholders of suspicious transactions by sending them e-mails and text messages. Announced Monday, the test is part of efforts to expand its mobile capabilities, Visa said. These type of alerts could make consumers more comfortable using their phones for financial services, analysts said (American Banker Aug. 20). Visa employees started testing the alerts last year. The company is expanding the tests to 2,000 employees of eight issuers in the U.S. and Canada, including Vancouver City Savings CU in British Columbia. For transactions made with Visa cards, the service lets consumers set up as many as four triggers for transactions, including:
* Cash withdrawals at ATMs; * Purchases that exceed a set limit; * Purchases made abroad; and * Online purchases.
The cardholder will receive an alert by e-mail or text message if a transaction trips any of the triggers. The alert thresholds can be set with a mobile phone or at the issuers’ online banking sites.
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