I was unfortunate enough to have my card copied/skimmed earlier this year and the cloned card was used to withdraw €300 in Romania at about 11am on a Friday morning.
I noticed the money gone from my account when I checked my balance at lunchtime that day and was about to ring AIB when I got a phone call from a guy in their Fraud detection unit. Because I had used my card to make a withdrawal in Dublin at about 9am that morning, their system had flagged a potential fraud and they rang to check. Had the money back in my account in about 2 weeks, just had to fill in a short form (presumably for them to have a written statement from me that I didn't withdraw the €300!).
While not the same as a SMS service, which is a good idea, I was impressed that they were so prompt about the whole thing. Would love to know where my card was skimmed though, that's the one thing I never found out.
As an aside, could banks set up accounts so that ATM withdrawals can't be made overseas unless you've expressly asked them to switch that feature on and told them how long for? A little bit like asking your mobile phone company to switch you on for roaming, for example. Presumably this wouldn't work for everyone, but given that the average Irish person isn't prone to constant trips abroad, it would cut back on some of the fraud out there.