Credit-card fraud is a growing problem in the United States. The executive of Wells Fargo & Co., Kevin Rhein, learned firsthand how disappointing credit-card fraud can be.
However, just after his card was used to purchase a lap top in Las Vegas, Rhein received an alert on his blackberry that helped him stop future uses of his card.
Credit-card fraud costs banks, merchants, and average U.S. citizens over $22.4 billion yearly. Hoping to cut down on these rates, Rhein’s company, Wells Fargo will be extending Rapid Alerts to all their current cardholders.
Kevin Rhein said about the release, “If I didn’t have that alert, they would have continued on their merry way charging until something got triggered in our fraud warnings…What we picked up here was the value of more immediate information to perhaps shut down fraud that much faster.”
Rapid Alerts will allow cardholders to sign up for e-mail or text alerts when their card is used to purchase more than a specific amount. Several other companies have offers similar to Wells Fargo’s Rapid Alerts program.
As a result of these efforts to cut down the credit-card fraud the average amount stolen per person has fallen to $329. The thieves and fraudsters are feeling the pressure.
Vice Chief Executive Officer, Joseph Saunders,said “Fraudsters and thieves are getting smarter…Now more than ever we need to stay one step ahead of the criminals.”
Despite the protection that Rapid Alerts and other credit-card fraud preventing programs offer,some people find the alerts simply too annoying. There are other options that can help protect your money as well.
Prepaid debit cards allow you to put a certain amount of money on the card at a time. This effectively helps you to manage your money wisely and to prevent thieves from tapping into your bank account.
They are easy to load and can be used anywhere a normal Visa card can be used. On top of many other benefits, prepaid debit cards also provide you alerts that let you know if a large purchase has been made on your account.
Prepaid debit cards will help you avoid fraud and protect your family’s financial assets. Visit Check City’s website today to find out how convenient prepaid debit cards can be for your family.
To read more about Wells Fargo visit:
http://www.bloomberg.com/apps/news?pid=20601109&sid=axl1rxE_ac78&pos=10
