Transaction monitoring: Catch suspicious activity in your accounts
Would you notice a payment you never made? Coveron helps you spot unusual transactions in your bank and credit card accounts before they slip through the cracks.
-
Keep an eye on your connected bank and credit card accounts.
-
Get alerts when a payment looks out of the ordinary.
-
Review flagged transactions to find out what triggered the alert.
Transaction monitoring is currently available for eligible US bank accounts only.
What is transaction monitoring?
Transaction monitoring is the process of reviewing financial transactions for activity that could signal fraud, unauthorized payments, or billing mistakes. With Coveron’s Full Protection plan, you get access to NordVPN’s transaction monitoring feature. Available through the NordVPN app, it checks your connected accounts for unusual payments and brings them to your attention. Whether it’s a duplicate charge or a transfer you don’t remember making, you’ll have a reason to investigate rather than discover the problem weeks later.
Why is transaction monitoring important?
You probably remember making a large purchase. But would you notice an extra $15 on your monthly statement? Between subscriptions, recurring bills, and everyday purchases, an unauthorized charge can easily go unnoticed among legitimate transactions.
How does NordVPN transaction monitoring work?
NordVPN uses your past transaction activity as a reference point for identifying unusual payments. Once you’ve connected an eligible account, the feature analyzes new transactions and flags those that stand out from your established spending patterns.
1. Connect the accounts you want to monitor
Link your eligible bank accounts through MX, the Open Banking provider that connects NordVPN to your financial institution. You decide which accounts to include, so you can monitor the ones you use most or keep an eye on several at once.
Transaction monitoring currently supports US bank accounts only.
2. Let NordVPN learn your usual spending patterns
NordVPN reviews your account’s transaction history to establish what ordinary activity looks like for you. It considers details such as payment amounts, currencies, transaction times, and recipients.
New transactions are then compared with this history. A payment that doesn’t follow your usual patterns may be flagged for review.
3. Find out when something looks unusual
When transaction monitoring identifies an unexpected transaction, it notifies you by email. Open the alert to see what triggered it, examine the transaction details, and decide whether any action is necessary. Once you’ve checked the payment, you can mark the alert as resolved.
What suspicious activity can transaction monitoring detect?
An usual payment doesn’t always look suspicious at first glance. Some transactions stand out because of their amount, others because of when they happened or where the money went. Here are six red flags that transaction monitoring can help you identify.
Duplicate charges
Paid once but charged twice? Transaction monitoring can flag repeated payments, helping you spot accidental double billing or potentially unauthorized charges.
Unusual charge amounts
A $900 purchase might stand out if your regular spending rarely exceeds $100. Payments that differ significantly from your usual amounts can trigger an alert.
Unusual transaction currencies
A charge in a currency you rarely use may be flagged for review. It could be a legitimate overseas purchase, but a charge in an unexpected currency is worth checking.
Unusual transaction times
A payment made at an hour when your account is normally inactive may also trigger an alert. The timing alone doesn’t make it fraudulent, but it can help identify unfamiliar activity.
Unusual transaction frequency
Several payments within minutes of each other could stand out if you normally make only a handful of purchases a day. A sudden change in transaction frequency may warrant attention.
Payments to first-time receivers
A transfer to someone you’ve never paid before may raise a red flag. First-time payments are often legitimate, but it’s worth confirming that you recognize the recipient.
How to get transaction monitoring with Coveron
You can get transaction monitoring as part of Coveron’s Full Protection plan, which includes identity theft protection and NordVPN.
01
Choose Full Protection
02
Download the NordVPN app
03
Add your financial accounts
How to connect your bank account to transaction monitoring
Already have Coveron’s Full Protection plan? You can set up bank transaction monitoring directly in the NordVPN app.
01
Open NordVPN and go to “Monitor.”
02
Select “Manage assets” and open “Transaction monitoring.”
03
Click “Add bank account,” then choose “Connect with MX.”
04
Find your bank, authenticate your account, and follow the on-screen instructions.
05
Select the bank accounts you’d like to monitor.
06
Check that the “Monitoring” toggle is switched on for each account.
Your connected accounts will appear in the transaction monitoring dashboard, where you can manage their monitoring settings.
Only eligible US bank accounts are currently supported.
How does Coveron protect your financial data?
Connecting a financial account naturally raises questions about who can access your information and what they can do with it.
What to do if you receive a transaction alert
An alert gives you a starting point, but the next move is yours. Here’s how to determine whether a flagged payment needs further attention.