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Industry News

Visa, Wells Fargo unveil Rapid Alerts program to curb fraudulent payment processing activity

By Lauren Lindberg

24/03/2010 - With an increasing number of consumers worried about the safety of their financial and personal information, anything that can reassure consumers of the protection of their payment processing data will be good news for customers and businesses alike - it can lead to peace of mind for the former and a boost in electronic payment processing activity for the latter.

Visa and Wells Fargo have just announced a program that does just that - Rapid Alerts. Wells Fargo customers who hold the bank's Visa-branded credit cards will be able to enroll in this free program to receive almost real-time alerts notifying them of potential fraudulent payment processing activity.

"We believe Rapid Alerts will give customers added peace of mind that they will be notified almost immediately when transactions occur," said Peter Ho, product manager for Wells Fargo card services and consumer lending. "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."

A recent survey from Mintel Comperemedia found that consumers are more concerned about identity fraud than they were in pre-recession years, making offerings like these all the more in demand.ADNFCR-2514-ID-19687942-ADNFCR

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