Banking anti-fraud messages

By Harry Wood

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.

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12 Responses

  1. Hazel says:

    I actually really like this – also it would be great or parents who have given their kids emergency cards.

  2. Daniel says:

    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

  3. Egon says:

    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.

  4. James says:

    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.

  5. Ben Walsh says:

    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.

  6. saltys2000 says:

    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

  7. Sam says:

    What if you have no signal…

  8. Ibrahim says:

    I visited india last year and apparently this service is given by all credit card receive a text message when transaction is being made.good idea,peace of mind.

  9. Skhan786 says:

    I do get a text from my bank but its always a few days later and not instant

  10. Lewis says:

    True, my Mum bought an iPod Touch and got an email, but only because she spent quite a lot in 1 transaction

  11. Caroline says:

    I bank with barclays maybe this idea could be incorporated into their brilliant pingit app?

  12. Paul says:

    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,


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