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What if a single text could immediately alert you to lost credit card or suspicious activity on your bank account? A text alert service provides this timely notification allowing you the chance to stop a fraudulent act before damage is done. Offering a text alert service to your customers works to build trust and loyalty.
Fraud Concerns Grow Among Consumers
The Federal Trade Commission (FTC) reports that 60-percent of the 2.58 million consumer complaints logged in for 2014 were fraud related. Fraud, defined by the Cornell University Law School, is "deliberately deceiving someone else with the intent of causing damage. This damage need not be physical damage, in fact, it is often financial." Fraud, suffered by consumers daily, includes but is not limited to credit card and identity theft.
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NASDAQ.com offers several staggering statistics regarding fraud and data breaches. In 2014, data breaches worldwide totaled 1,540, an increase of 46-percent from 2013. These breaches led to the compromise of more than one billion data records. 54-percent of all 2014 data breaches were related to identity theft. In the United States alone, more than 31.8 million consumers suffered credit card breaches just in 2014.
Fraud Fact: 32 data records were lost or stolen every second in 2014. (NASDAQ.com)
Fortunately, a text alert service can help reduce instances of fraud and save both businesses and their customers time, hassle, and money.
Text Alert Vs. Email Notification
The reason text alerts work in the ongoing fight against consumer fraud is that SMS is immediate. Text messages have a 98-percent open rate with a 45-percent response rate. Emails have only an open rate average of 20-percent. Typically it takes the average person about 90 minutes to respond to an email but only 90 seconds to respond to a text message.
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Emails simply are not read as quickly as a text message, especially by consumers younger than 30 years old. Millennials, consumers born between 1982 and the early 2000s are the largest group of smartphone owners. This demographic also has approximately $1.3 trillion in annual buying power (Boston Consulting Group) and they touch their smartphones 45 times every day (SDL.)
To increase the open and respond percentage for fraud alert notifications, a text alert service typically beats standard email messages.
Fighting Fraud
Text message alerts via SMS can help reduce both credit and debit card fraud, saving you and your consumers money and time. With real-time scam alerts, a two-factor authentication system, and one-time passcodes, deflecting fraudulent activity is easier with Trumpia.
Real-time scam alerts. SMS alerts, particularly in the financial industry, are essential for fighting fraud. Time is critical with fraud and SMS notifications allow a financial institution to alert any customer immediately of activity that's not ordinary. The customer receives the text alert and can take immediate action to report any illegalities or fraud. With real-time scam alerts, customers have control over their account monitoring and enjoy peace of mind.
Two-factor authentication system. Trumpia offers a two-factor authentication system to help fight fraud and increase the consumer's credit security. This system can be used to protect data during any type of money transfer and is a streamlined MFA (multifactor authentication) service.
One-time passcodes. A coded SMS verification with a six-digit code or one-time passcode can be used to protect against fraud when a customer is transferring funds to purchase goods/services or other digital transactions. The codes expire quickly and inhibit encryption breakers from stealing sensitive information.
Text Alert Service: Today's Industry Standard
Major financial institutions such as Chase, Bank of America, and U.S. Bank offer real-time text alert for customer accounts. SMS to alert customers of any type of suspicious or out-of-the-ordinary activity on a debit card, checking account, and credit has become industry standard. Consumers know identity theft and digital crime increases daily and want to take an active part in fighting fraud and protecting their accounts.
Chase, Bank of America, U.S. Bank, Discover, and many more are alerting their customers to fraud in real-time. Why aren't you?
Trumpia API for SMS Capabilities
We know that your business has unique needs. Choose Trumpia API to support your SMS needs including text message alerts to fight fraud. Our APIs (application programming interfaces) are backed by a healthy infrastructure designed to provide security and reliability. With Trumpia APIs, you always enjoy the most powerful and efficient integration of our best features with your applications and services.
Our comprehensive messaging system makes it easy to send outbound messages and collect inbound data, while protecting that information. You can add contacts manually or automatically and manage individual subscribers through a customer database. With Trumpia, create and manage your keyword throughout our API plus enjoy the ability to customize response messages to be sent when the keyword is entered by text.
If you're ready to fight fraud and switch from email notifications to a reliable text alert service, contact Trumpia today.
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