Here’s a free idea for the taking: why doesn’t a bank (cough HSBC cough) offer the option to have text message alerts sent to a registered phone number any time a withdrawal is made from a specific account via ATM? “$120 was withdrawn at 2:51pm EST in Palo Verde, CA. Reference #293005” See how easy that was? Such exception-based reporting would drastically cut down on fraud (we’re guessing) by enlisting the help of customers to report unauthorized transactions immediately.
By cwalters March 8, 2008
- stopping the scam Banks Are The Key To Stopping Scammers That Target One In Five Older Americans
- that's a lot of revenue Banks Turned Account Overdraft Fees Into $11.16B In Revenue Last Year
- cash only Average ATM Fees Hit Record High Of $4.52, Up 21% Over 5 Years
- nothing to see here Payment Processor Ignored Red Flags, Allowed Clients To Withdraw Funds Illegally
- out with the old in with the new Chase To Install Cardless ATMs That Offer A Variety Of Denominations