Wells Fargo & Co. (NYSE: WFC) has announced a new service which will notify its Visa, Inc (NYSE: V) cardholders within a matter of seconds after a suspicious transaction occurs on their credit cards following a successful pilot program, the two companies jointly announced on Thursday.
The alerts will be delivered to customers via text message or email when they meet a certain criteria which a cardholder selects occurs. The service allows cardholders to monitor their account activity and take immediate action if they believe that a particular transaction is fraudulent.
According to the two companies, the alert messages will include the amount, time and date of the transaction and any information available about the merchant.
The system, which has been operating as a pilot test since 2009, will also alert customers when transactions have been declined.