Malaysian card issuers to use SMS in transaction alerts

Malaysian card issuers will be implementing transaction alerts via short messaging service to their cardholders in the case of certain types of transactions and of certain triggers.

This was revealed by the Association of Banks in Malaysia. The effectivity date is on Jan 1, 2012.

Under the initiative, unless cardholders elect in writing specifically to receive the alerts via other channels such as electronic mail, SMS alerts will be sent in respect of the transactions.

These include transactions made at the point of sale, online transactions, withdrawal/cash advance transactions and mail and telephone order transactions.

ABM said card issuers were currently finalising the approach to be taken in setting the triggers for the alerts, including the threshold amount.

Cardholders are given the benefit of choice to set their own preferred threshold amount for the transaction alert and if they fail to do so, then the card issuers will send transaction alerts based on a default threshold amount set by the issuer.

The full story is available at Bernama.com.