I recently reviewed a number of postings by frequent contributors to this forum that addressed account security. To a large extent those were informative and helpful postings. But, one thing I did not see is what folks think about relying on Transaction Reporting features found on most Bank or Credit Unions online websites. These reporting systems vary among institutions but generally will allow a customer to set a transaction value within their account which then gets reported, if triggered.
For instance, most institutions will allow you to set an amount for $X either going in or going out of the account. That report can be sent to the customer in either email or text method. Again, depending on the institution, these kinds of values can vary, including, low balance, high balance, etc.
Regulation E requires that fraudulent transactions be reported within 60 days on personal accounts. Since I have CD's a number of banks and credit unions, and I don't monitor them every month, I rely on the transaction reporting technique to advice me of any illegitimate transactions. It is very possible that I may not have checked the status of CD's at each institution within the Regulation E time requirements.
Does use of the transaction reporting method suffice to protect against fraudulent transactions? I'm not talking about checking accounts, just CU's or Banks in which I have CD or savings accounts.
What do you'all think?
