I am used to getting texts from my bank whenever one of my debit cards is used. There is something reassuring about the 'beep beep' of an incoming text shortly after I have made a transaction, and especially when I am travelling. If that debit card was fraudulently used, I would quickly know about it.............With my bank this is an 'opt-in' service for cardholders, and not every bank that I use provides it.
I have just noticed that, according to an article in the Times of India, with effect from July 2011, the Reserve Bank of India (RBI) has made it mandatory for ALL Indian banks to provide this service to debit card holders, and all debit card holders are required to register their mobile phone numbers with their bank for this purpose. Clearly card fraud is on the rise in India and this is a sensible step for the market to be taking to help counter it. As a card holder it always feel good to be pro-active in the fight against card fraud, and registering for SMS alerts is within my power, as is covering my PIN when making a transaction at ATM or a payment terminal.
Does your bank over an SMS alert service for debit card transactions? It might be worth asking the question........
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