Banks Default Value for Credit Card SMS Alert

(Article by My Credit Cards: http://creditcardsmalaysia.blogspot.com/ )

In my article Credit Card Fraudulent Charges - SMS notification from 1st January 2012 posted back in April 2011, I mentioned:

Bank Negara Malaysia have on 18th March 2011 announced that effective from 1 January 2012, card issuers are to inform cardholders via sms when transactions are made. Below is part of the announcement where in the same press release, BNM informed that one has to earn minimum RM24K per annum to be eligible for a credit card.

In the effort to further enhance credit card security and to promote public confidence in the usage of credit cards as a safe payment instrument, effective 1 January 2012, transaction alerts via Short Messaging Service (SMS) will be implemented by card issuers for their cardholders after transactions are performed.  This will be followed by the implementation of the Personal Identification Number (PIN) verification for all card transactions from 1 January 2015 onwards. 

1st January has come and gone and we expect to receive SMS Notification when our credit cards are used for any transactions; but, that is not the case. We are now in mid January 2012 and I have yet to receive a single sms from OCBC even tho I have use my OCBC Titanium MasterCard several times to pump petrol on top of the auto debit for my telco and Unifi bills.

So far I have received SMS from the following banks for my transactions in the following format: 

MBB Visa Infinite ( Amount RM3K+ and SGD500+ ) 

MBB Card XXXXXXXXXXXX last four digit numbers

TQ FOR YOUR USAGE AT Merchant Name and Location

Date and Time

For Amount in Currency Transacted

UOB Preferred Platinum Visa (Amount RM3K+)

UOB Card ending four digit numbers

@ Merchant Name and Location

for Amount 

Date and Time

Alliance Bank Visa Platinum - all my Prudential Insurance Policy Premiums are auto debit with this  credit card but I only received one single SMS todate. However I deleted the SMS and can't post the format today (will update next month). Yesterday I sis a face to face transaction for RM200 and there was no SMS from Alliance.

Recently I received a pamphlet from CIMB giving me the option to set the default amount to trigger the SMS Notification when I do use my CIMB Credit Card. It states that if it is left blank, the bank default value applies. Below are images taken from CIMB website, click here for CIMB FAQ on SMS Alert.

From the SMS that I have received and did not receive, I have come to an initial conclusion that there is no standard format for the SMS Notification and that card issuers are not required by Bank Negara Malaysia to sent out SMS for ALL credit card transactions. What a joke, if BNM is serious in combating fraud charges and the banks not greedy in making more money, the SMS Alert should be sent out for ALL types of transactions and NO DEFAULT VALUE SHALL BE APPLIED.

Why do I say it is a joke? Well, the person who stole or picked up your card(s) can go swipe as many times as he wishes (each transaction below the default value) and could total up to a few thousand Ringgit and you won't get a single SMS Notification! 

In my opinion, BNM should have stood by fully with its statement released in March last year about the SMS Alert to promote confidence in usage of credit cards. I really don't understand why the card issuers won't sent out SMS for any transaction made especially presented face to face swipes? It will enable the cardholder to report to the bank/card issuer when their card account is being used by unauthorized person and thus prevent loses to the banks. 

I keep getting useless SMS from banks on personal loans, balance transfer and all kinds of promotions without stating the terms and conditions BUT they can't sent me a SMS Alert to reconfirm that my card account is being used (when it is below the default value). The banks should stop sending us those pesky SMS and instead use the money to sent us SMS Alert whenever there is a transaction with our card account. 

Well, for the benefit of you guys, I have taken the initiative to carry out my own propriety research and My Credit Cards www.creditcardsmalaysia.blogspot.com is pleased to present to you my FREE Service on Default Value for SMS Alert. Below is what I was told about the SMS Alert when I call Customer Service of various banks:

Alliance Bank - at first he said irregardless of the amount for face to face transactions. Then I mentioned I swiped RM200 yesterday but did not receive SMS, and he said will check and get back to me. 

Direct Access ( CIMB ) - no default amount, I was told RM1.00! Have yet to use my Direct Access CIMB World MasterCard or Visa Infinite this year so I can't confirm this.

Citibank Platinum and PremierMiles Priority Line - 1st time usage, any amount for online transaction and  autobiling and default amount RM500.00. However, you can request that the default amount be reduced to RM201.

OCBC Bank -  default amount RM500, but I can fill a form to request that they sent SMS Alert for any transactions! 

Ex-EON Bank Visa Signature Toll Free - the guy I spoke to said it is RANDOM! When I said even if I charge RM20K I may not get a SMS Alert? He then said big amount and online. I then asked again, are you sure there is no default amount? He said he was sure.  I tell you, this particular CS (Latiff or something like that) I spoke to was not courteous at all and his tone was like as if he was not bothered. If HLB have more staff like him attending to their Premier Visa Signature card holders, I guess soon I will cancel my card with them.

HLB Platinum Toll Free - - the moment you call, the first item was press 1 for SMS Alert :) The CS informed me that SMS Alert will be sent out for first time use of the card, auto debit, 1st time, for petrol and default value is RM1K. Just like OCBC Bank, you can set your default value by filling up a form which she said can be obtained at the branch. The CS I spoke to was much more courteous and informative than her counterpart at Ex-EON Bank VS Toll Free Line.

MBB VI Toll Free Line - not all transactions, the Customer Service representative told me that it depends on the system  when it detects a fraud. WOW! MBB system got artificial intelligent that is superior to the human race and can detect when a fraud is in progress! I cannot request for a default value to trigger the SMS Alert.

RHB Bank - default value RM500, then I asked can I request to change the default value and she said NO! I then asked her - are you sure? And she said she'll check and still came back with a NO, hahaha.

UOB - Default RM500 for presented transaction and RM1 for online. Cannot request for lower transaction value for the SMS Alert BUT can opt not to receive it.   

I hope my work above can be of use to you and help you decide if you need to take further or additional actions. And if you do use any of the above information for whatever reasons, please quote my blog and give it due acknowledgement.

I urge you all to write to Bank Negara Malaysia to let them know our disagreement that a default value is predetermined by the banks for the SMS Alert; and, as such we shall not be hold responsible for any fraudulent charges below the default value (and above too). 

I would also appreciate if you could click on the Facebook "like" in the upper right column of this blog and share this article with your friends via email or facebook or whatever social services.

Better still, any one of you want to start a Facebook to let Bank Negara Malaysia and all card issuers know that we are not satisfied with having a default value preset for the SMS Alert. And, more importantly, to inform the banks/card issuers that they shall be fully responsible for any fraudulent charges below their default amount AND DON'T EXPECT US TO PAY FOR IT since they could not care less to alert us of a fraudulent transaction. 

And we shall call ourselves Credit Card Users Unite Against Fraud (CCUUAF) or something like that, hahaha.

OTHER RELATED POSTS

Click here to read my article on Invitation to Increase Credit Limit via SMS.

Click here my article Credit Card Fraudulent Charges - SMS Notification 1 Jan 2012