Visa messin' around with messaging as tool for fraud reduction and is launching an SMS notification service trial for card fraud detection in the UK...
According to theregister.co.uk:
"The project involves the participation of the Visa staff in the UK and its network of member banks. The service sends SMS or email confirmation of card transactions to account holders' mobile phones each time their debit, credit or prepay card is used. The SMS include information on the time, location and amount involved in every transaction. The service can provide participating cardholders with updates via text message, mobile email or applications running on smartphones including the iPhone or Android-based devices, upon request.
Visa will test the service throughout the summer of 2009 and if the trial is successful, the company will offer the service to consumers and update it with new features including instant conversion into the user’s home currency while abroad.
Editor's Note: There is a cost involved with doing this, so don't expect this to be a free service.
Source: The Paypers.com
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