Card controls to thwart card not present fraud
Life doesn’t start and stop at the push of a button. But that’s exactly why card controls should.
As the widespread adoption of EMV enabled terminals continues, card-present fraud is already seeing a noticeable decline. That’s not all good news, however. Unfortunately, lower card-present fraud means a correlative spike in card-not-present fraud (CNP) as thieves turn their attention to the less protected form of payment.
Targeting online or telephone transactions where a physical card is not presented at the time of payment, fraudsters gain access to card information not obstructed by the protections of an EMV chip card and compatible reader. Despite the apparent lack of safeguards, your institution’s card can still do a lot to thwart card not present fraud – given the right tools, that is.
Card control apps like Worldpay’s MobiMoney are changing the relationship that consumers have with their cards. These innovative tools can prompt your cardholders to better manage their accounts, monitor their transaction histories, and deactivate their cards should fraud occur – conveniently from their hand-held mobile devices.
Enabling your card with card controls can benefit you and your cardholders in the follow ways:
Empowering the cardholder
Cardholders can set specific card controls that match their spending habits, excluding high-risk businesses, limiting transactions based on location, and setting threshold amounts. Additionally, instant notifications are sent to users’ devices showing the transaction amount and location so they’re immediately aware if the purchase was correct or if the card is being used without their knowledge.
Increasing cardholder confidence
Cardholders can monitor their account balances and transaction histories and receive instant alerts for unauthorized transactions. If a purchase is initiated outside of the set specifications, the transaction will be denied and the cardholder will be notified of the attempted purchase.
Reducing the extent of fraud
When cardholders set their own fraud controls, fraud discovery and resolution time can be drastically reduced. And with the ability to turn their card off and on, cardholders can be directly responsible for catching and deterring the amount of damage that fraud could inflict on their accounts.
Authorizing your cardholders to contribute to their own card’s security has clear benefits to your financial institution. Not only do confident cardholders use their card more often, driving transaction growth, but they’ll be more inclined to prefer your card. By offering them card control capabilities, you will give present and potential cardholders another reason to choose your institution over another, ultimately helping you remain competitive.
And by adding card controls to your prepaid, credit, and debit cards with an easily integrated app like MobiMoney, you will also gain solutions that improve the functions of your institution. You get access to cardholder spending insights, as well as administrative tools, features and functionality on your own mobile banking app and website.
As data breaches that lead to identity theft and fraud become more commonplace, consumers are becoming increasingly wary of electronic payment transactions. Use card controls with your payment card portfolio to increase consumer confidence by putting card controls right into their hands.