San Francisco-based Wells Fargo ($1.2 trillion in assets) and Visa announced today the rollout of Rapid Alerts for Wells Fargo Visa credit cardholders. The free service brings customers near real-time detection of fraudulent activity, and helps manage and track spending.
"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 that text alerts were an invaluable tool for monitoring their accounts. We want to help our customers succeed financially, and this is just one more tool to help them get there."
Rapid Alerts by Wells Fargo are enabled by Visa's transaction alerts platform. Alerts are sent on behalf of Wells Fargo directly from VisaNet, Visa's global processing network, typically within seconds of a transaction occurring. Rapid Alerts are triggered when the transaction meets certain criteria previously selected by the Wells Fargo Visa account holder and delivered via text message or e-mail. Rapid Alerts let consumers monitor their Wells Fargo Visa credit card account activity and take immediate action if they believe a potentially fraudulent transaction is taking place.
Wells Fargo credit card customers can learn more and sign up for the service at rapidalerts.wellsfargo.com. They will be able to choose the kinds of transactions for which they wish to receive alerts. Criteria for transaction alerts that cardholders may choose include: