Notify Customers Faster with SMS Fraud Alerts

SMS helps companies reduce fraud risk with additional security through two-factor authentication or immediate notifications of suspicious account activities.

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Notify Customers Faster with SMS Fraud Alerts

When fraud happens to your customers, time is of the essence. The longer it takes to notify them of suspicious account activity, the more damage can be done. Even in the case of minor account breaches, most consumers will place the responsibility for protecting their data and accounts squarely on your company’s shoulders. Failure to protect and inform them can lead to serious repercussions.Many a company has lost customers, watched their stocks tumble, and had their reputations tank thanks to a poorly handled fraud incident.

How quickly can you alert customers and shut down fraudulent activities? The solution lies in building SMS into your product or application.

Fraud alerts fill a critical customer need

Trust is key when it comes to customer loyalty. And if your customers can’t trust that you’ll alert them immediately to any nefarious account activities or data breach, you’re in serious danger of losing them. For example, victims of bank fraud—no matter how minor—are three times more likely to transfer their accounts and money to a different institution within six months.

With any kind of fraud or data breach, your imperative is to quickly inform customers so they can act immediately. No other channel provides more immediacy than a text message, wIth 98% of messages read within minutes of receipt. Messaging and voice alerts give your customers a far better notification experience and allow them to act on important alerts faster, thereby cementing their trust, building engagement, and protecting your reputation.

Authenticate customers faster by SMS

Adding messaging, voice, video, and authentication APIs to your existing software uses programming languages you already know to create custom notifications based on pre-defined events. For example, when Dell began looking for ways to manage fraudulent activities, they knew that email and phone were not sufficient channels in cases of potential fraud. They evaluated several internal and external packaged or Saas solutions, none of which provided the global reach they needed or capabilities that allowed for multiple channels and standardization on a single platform.

Twilio SMS Notifications for Credit Card and Banking Fraud Alerts

Dell chose to integrate Twilio SMS into their communications, given the API’s ability to handle high volume as well as scale globally, with minimal build time required. Now, Dell makes instant contact with customers when they order products and services. In instances where credit card fraud is suspected, the credit card company flags an order as fraudulent, and the payment automatically goes on hold. Dell immediately fires off an SMS to alert the customer of potential fraud activity on their account. If the SMS doesn’t get through, a phone call is triggered to call the customer. The customer can then choose one-click resolution or click to call (or be called). With this system, by proactively reaching out to customers about payment issues, Dell experienced a hefty reduction in customer care costs and escalations triggered by order issues.

Add the channels you need to prevent fraud

With Twilio SMS, you can customize the type and frequency of customer SMS alerts, as well as handle responses using two-way SMS or IVR. When suspicious activity happens, your automatic text alert goes out, and with a click, your customer can start the ball rolling on resolution, often with immediate results. With this kind of building block approach to account notifications and messaging, you can easily connect SMS and voice to your existing software, creating more relevant and contextual communications that are important to your customers.

Want to learn more? Head over to Programmable SMS.