Bank alerts can have several benefits, but you must take the right approach to maximise their usefulness. Believe it or not, several victims of fraud received alerts from their banks when a transaction was processed, but they disregarded the messages.
You should promptly review all bank alerts you receive to ensure that you do not miss critical messages which could assist you in preventing or reducing losses and even prevent your identity from being stolen.
Ultimately, banking alerts serve as an early warning system into potential fraud or unauthorised use of a person’s funds. Depending on your bank, you can set up various alerts to get notifications about your finances.
Here are some popular alerts you can receive for your accounts:
- When an online banking account is accessed.
- When an online banking password is changed.
- Transactions conducted via an online banking account.
- Transactions done at point-of-sale machines and ATMs
- Failed/Declined transactions
- When a payment is near due
- When a bank statement becomes available
Most modern banks support email and text alerts, which you can sometimes request to be turned on or off. But with cybercriminals lurking and looking for new targets, it’s wise to always keep them on.
You should also combine bank alerts with other security measures. For instance, using a strong password and enabling two-factor authentication (2FA) can further help keep your accounts secure.
If you get an alert for an activity you don’t recognise, notify your bank immediately for measures to be put in place to protect your account.
How to Report A Suspicious Alert At Your Bank
Did you receive an alert for an unknown purchase or for an activity you didn’t do? If so, here’s what you should do:
Visit your nearest bank branch or contact customer service through official channels to make a report. The bank will launch an investigation and take steps to prevent further misuse of your account(s).
Safe Banking Tip
Be sure to update your personal information at the bank. By having your current data, your bank is in a better position to help identify and prevent fraudulent activities on your accounts. For instance, if you were getting alerts via SMS and you changed your phone number, you’ll no longer receive text alerts unless you inform the bank of the change. Not being able to receive text alerts about your account activity could cost you dearly.
