If my bank sent me a text message or an email every time I paid for something, then I would know immediately if there were fraudulent transactions on my account.
Downside is that this is a lot of text messages / emails, but not really. Not for me. I probably pay for stuff once every couple of days on average (Maybe I'm more miserly than most people). Could cut down on traffic with some rules e.g. transactions >£10 or only payments at a new merchant.
The real reason they don't do this, is because banks profit from people being very "fluid" with their money. They don't want to do anything which pours cold water on that.
I actually really like this – also it would be great or parents who have given their kids emergency cards.
or instead of having a txt message u could have a key ring that lights up when u spend on a card and certain colors could be different cards and up the side of the thing if its tube could be leds that change colore and light up say 3 if u spend 150 or 1 if u spend 50 or less or could have an led screen
First Direct, (part of HSBC) already do this. I have my account set up, that if I spend over £50 I get a text on my mobile. I could make it for a smaller amount if I wanted to.
thinking along the same lines….when you make a transaction on your credit card the bank texts an authorisation request to your phone. When you respond the the authorisation request – again by return text – you rtransaction is validated.
James – take a look at “two factor authentication”, as used by Google for example. Banks and businesses don’t want you having an opportunity to consider what you are spending – you might decide it isn’t worth it.
Daniel – you are over complicating what needs to be as cheap to implement as possible, existing banks will only pass on the cost of any solution to the customer, either directly through a ongoing charge for the service or indirectly through even lower savings rates.
this service is available from a lot of bank that i know of
natwest, hsbc, nationwide, etc
and this service is available on about 90% of prepaid cards such as
virgin money
orange cash
etc
@James,
What if you have no signal…
I visited india last year and apparently this service is given by all credit card company.you receive a text message when transaction is being made.good idea,peace of mind.
I do get a text from my bank but its always a few days later and not instant
True, my Mum bought an iPod Touch and got an email, but only because she spent quite a lot in 1 transaction
I bank with barclays maybe this idea could be incorporated into their brilliant pingit app?
Hi Harry,
Most banks already offer an ‘Alerts’ system via their Online Banking platforms.
If you’re registered for this already, I’d really recommend it. I already get alerts by email and SMS when there is a transaction for over £50 (a limit I defined myself).
Hope this helps,
Paul