Monday, September 21, 2015

Are SMS Notifications Important?

There are increasing number of victims of internet and atm fraud in our country. Banks who are the institutions we entrusted our money with, are doing their best in putting all the necessary safety measures and securities to stop criminals. Banks can only do so much especially within the boundary of their system. What if this is a case of phishing wherein the identify of the bank's clients get stolen or compromise. Banks, of course, are not super hero that can detect whether transaction being made in their system are legitimate transactions of the client or not. If criminals uses the details of the clients, banks cannot validate and check since transactions via internet or atm are not face to face. Banks can only rely on records archived with them. If records match, it is a legitimate transactions. There are already several actions that banks had already implemented like OTP (One Time Password via sms), increased multi tier security, etc. but problems of fraud still persists. What could be a solution which can stop this?

Busybee suggest SMS notifications in any internet and atm transactions! Why you may ask? This unauthorized transactions are usually discovered by the victims weeks, months or even years! Imagine, if victims will discover this early or even at the very first transaction. Wouldn't be great for banks if they will be notified immediately if there are suspicious transactions in their accounts. Wouldn't be great if banks can take immediate actions? Wouldn't be amount of theft be reduced to a minimal because unauthorized multiple transactions can now be stopped. Now we will ask the questions again, is SMS notifications important? I think the obvious answer is YES! Visit


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