Through the use of fraud prevention measures, Wave Money can detect potential fraudulent transactions on your Wave Money account.
How it works
Wave uses a myriad of factors to detect potential fraudulent activity on your account. Below, we’ll walk you through the scenarios under which Wave Money’s fraud prevention measures work to keep you and your account secure.
There are two main situations to keep in mind: 1) a suspicious transaction is denied and 2) a suspicious transaction detected.
1. Suspicious Transaction Denied
If you attempt to make a transaction on your card and it is declined, this may be a result of our fraud prevention measures halting the transaction from processing to protect your funds. In some situations, we may proactively freeze the card after a potentially fraudulent transaction is denied to prevent further use. Click below to learn about either scenario.
Suspicious transaction denied
If the transaction is denied as a result of Wave's fraud prevention methods, you will receive a notification like this:
You can select the notification to review the transaction directly in your Wave Money app. You will then have two options: 1) confirm the transaction was not you or 2) confirm that the transaction was in fact you (after which you'll have the ability to reattempt the purchase).
If you confirm that the transaction was not you, your card will be frozen, and you'll need to contact a Fraud Specialist to ensure your account is secure and either unfreeze or reissue your card.
Suspicious transaction denied and card frozen
If the transaction is denied and your card is frozen as a result of Wave's fraud prevention methods, you will receive a notification like this:
You'll then have the ability to select the notification to review the transaction details, and confirm whether it was you or not. If you confirm that the transaction was not fraudulent, and your card was frozen, you can unfreeze the card in-app, and you're good to go!
If you confirm that the transaction was not you, your card will remain frozen, and you'll need to contact a Fraud Specialist to ensure your account is secure and either unfreeze or reissue your card.
2. Suspicious Transaction Detected
If you attempt to make a transaction on your card and it is approved, you may still receive a notification as a result of the fraud prevention measures detecting a potentially fraudulent transaction. Click below to learn more about this scenario.
Suspicious transaction detected
If you receive the above notification, you can then review the transaction directly in your Wave Money app, and will have the option to confirm whether the transaction was in fact you.
If you confirm that it was you, you’re good to go!
If you confirm that it was not you, your card will be frozen to prevent further use, and you will need to contact a Fraud Specialist to initiate a dispute, and issue you a new card.
I didn't receive the notification and my transaction was denied
Be sure to check your notification centre or email for an alert from Wave Money! If you have not received a notification or an email alert, the transaction may have been denied for another reason.
My Transaction was denied, but it was me processing the transaction. How can I complete the transaction?
Tap on the notification from Wave Money on your mobile device! Confirm the transaction is secure and then reattempt the transaction!