Rapid alerts by Wells Fargo are enabled by Visa’s transaction alerts platform. Alerts are sent on behalf of Wells Fargo directly from VisaNet, Visa’s global processing network, typically within seconds of a transaction occurring.
Rapid alerts are triggered when the transaction meets certain criteria previously selected by the Wells Fargo Visa account holder and delivered via text message or e-mail. Rapid alerts let consumers monitor their Wells Fargo Visa credit card account activity and take immediate action if they believe a potentially fraudulent transaction is taking place.
Rapid alert messages contain the amount, time and date of the transaction, as well as currency conversion and information relating to the merchant, such as name and location. Customers also will be alerted to Wells Fargo Visa credit card payments that are declined, which may also help remind customers of recurring payments that they forgot to update due to a reissued, lost or stolen card.
Wells Fargo credit card customers can sign up for this service at bank’s web portal and they can select the kind of transactions they wish to receive alerts.
Peter Ho, product manager for card services and consumer lending at Wells Fargo, said: “We piloted rapid alerts in 2009 and received an overwhelming positive response from participants who said text alerts were an invaluable tool for monitoring their accounts.
“In addition to the alerts, customer can rest assured that their cards are also protected by our WellsProtect program. This means that a cardholder is automatically protected against any unauthorized transactions made at merchants, over the phone, on the internet or at the ATM.”
Jim McCarthy, global head of product at Visa, said: “Visa’s ability to analyze transactions ‘in-flight’ enables us to provide our cardholders with near real-time transaction alerts. Participating Visa cardholders can typically receive alerts before they walk out of the store, rather than hours or even days later.”
