What steps are your bank taking to increase account security?
What if your bank texted you?
Maybe you've already experienced this—it seems more and more banks turn to texting to alert customers regarding their accounts.
Even banks on the other side of the world have begun implementing this kind of service for their customers. This article from Gulf News Journal lists several ways that banks use text alerts to increase your account security:
In terms of account security, the ability to receive a text every time a withdrawal is made on your account is an awesome service.
My own bank even allows me to set a threshold if I don't want to receive a notification for every withdrawal. For example, I can set it so that every withdrawal over $100 triggers a notification to my phone.
Credit card use
Not only can receiving text alerts when you use your credit card help combat fraud, it can also help you curb your spending!
You can put the kibosh on credit card fraud as soon as it rears its ugly head if you're conscious of the charges being incurred on your card.
Some banks allow you to receive text alerts specifically whenever an ATM withdrawal is made. This way you'll know immediately if someone hacks into your account through an ATM.
Online/mobile app withdrawals
You can be alerted when someone withdraws money from your account online or through a mobile app. You don't need to be as worried about the safety of online banking if you receive these kinds of notifications!
And the following text alert methods can reduce fraud by helping you keep track of all the activity that goes on in your account:
If you have automatic payments set up for your account, you can receive text alerts when these payments go through.
This will allow you to not only track your auto-payments but also catch any fraudulent payments early on.
Through text alerts, keep track of any services charges incurred.
Some banks send notifications regarding loans and loan repayments so that you will never lose track of your payments again.
Be notified of transfers made between your accounts or cards.
As implied, not only can these alerts do much to increase account security, they can also be an enormous aid to helping you keep track of your own banking activity!
Texting really is a convenient way to increase account security and have the best banking experience.