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Detecting and Preventing Credit Card and Similar Financial Fraud via Text Notifications
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Just yesterday (14 hours ago!) I was explaining to my father the importance of using fraud detection measures that notify every time a financial transaction is made. So this is remarkably apropos.
See also Equifax: It Just Keeps Getting Better, for Hackers as well as all security related posts.
Preventing Financial Fraud via Text Notifications
For some years I’ve used an excellent feature provided by my Chase credit card: every time a charge is made, I get a text message.
For example, I fill my fuel tank, and seconds later my phone dings confirming the charge.
The idea is that when a charge is made that is fraudulent, I’ll notice it instantly. Today, my card was used fraudulently. After checking with my wife (same card number), I confirmed that it was fraudulent. The card was canceled within 30 minutes of the charge (which was denied), and a replacement credit card arrives tomorrow.
In this day and age of nothing being secure, such measures are mandatory—it’s only a matter of time before your accounts of any and all kinds are compromised—not if, but when.
Two-factor authentication is also a very good idea.
Check with your bank/brokerage about getting text alerts and emails for account activity. It might save you a headache—or your life savings.
BTW, do NOT call the phone number in a text message—look it up or dial it from a previous contact—it could be a faked text message.
We don’t shop at Kohl’s, so this one was an immediate red flag.
