SHAZAM BOLT$ is also designed to further SHAZAM’s fraud-prevention efforts by alerting cardholders directly to potentially fraudulent activity on their accounts. The alerts are generated any time a suspicious purchase is detected; including purchases above amounts specified by the cardholder, card-not-present transactions and/or suspicious or high-risk transactions on their account. These nearly real-time email alerts will help halt fraud attempts more quickly, by alerting cardholders via a communication vehicle they use every day. Along with limiting fraud losses, this direct line to cardholders will also improve customer service.
The launch of SHAZAM BOLT$ supports a concept many in the FI community understand – cardholders are often the first line of defense against card fraud. Therefore, FIs should enlist the help of their cardholders by educating them on important (and simple) steps they can take to help boost fraud prevention.
Encourage your customers to:
- Call their community bank or credit union before they travel, so the FI will know to expect unusual charges
- Check their balances often
- Report any transactions (no matter how small) they don’t recall authorizing
- Take advantage of transaction alerts, like those available through SHAZAM BOLT$
Better helping customers understand their opportunities to identify fraud not only minimizes the risk of fraud losses; it empowers them to stand a chance against the criminals targeting their hard-earned money.