Remote control for your cards? Knowing about it vs. using it
Having all the right tools at hand is important. Knowing how to use those tools for their intended purpose is fundamental.
Your financial institution may already offer card controls, but are you giving cardholders the motivation they need to put these tools to good use? The remote control capabilities for your cards are only beneficial when they’re actively helping your cardholders make smarter and more secure purchases, safeguarding your financial institution against the impact of card fraud.
With custom card controls like those available from Vantiv, you can offer cardholders the defense and detection features that can give them the upper hand in fighting in-store and online card fraud. Mobile apps like MobiMoney put your cardholders in control of their cards, allowing them to set their own transaction limits, approved locations, threshold amounts, and more. Using their mobile phones as a remote control for their cards, your cardholders get real-time access to card management. They can turn their cards off and on and receive notifications about when and how their cards are being used. Insight like this can be a significant factor in preventing card fraud and in limiting the extent to which cases of fraud can affect the cardholder.
So while your cardholders might know about these important security features, how do you get them to actually take control of their accounts by using card controls?
Communicate the advantages
Reintroducing cardholders to the power they have over their own card settings is a good first step towards more engaged card users. Not only does a friendly reminder increase the chances that they’ll create more secure card boundaries, it reminds them to keep your card top of wallet. Use targeted card marketing to educate and encourage your cardholders to use their custom card controls, showing them the handy card features that can be remotely controlled from their mobile devices. Individualized card settings will create a stronger card affinity and can grow cardholder loyalty with your institution.
Incentivize your benefits
Increased card loyalty from your cardholders can have big benefits for your institution. More cardholders protecting themselves ultimately better protects you from fraud losses. Additionally, the more confidence cardholders have when using their cards, the more often they’ll use them. Again, employing card marketing for promotional campaigns can drive usage and propel cardholder engagement. Reward your cardholders for using remote card controls, and you’re sure to find a satisfying return. In fact, a report by CNBC found that banks offering cards with card controls saw a drop in fraud losses by 60 percent while debit card usage grew by 54 percent. You can further galvanize cardholder action by introducing card promotions in partnership with your provider.
Your cardholders have the ability to protect themselves from fraud – why wouldn’t you want them participating in their account management through convenient and more secure card controls? Use remote controls for your cards to turn on a better cardholder relationship, while turning off your vulnerability to fraud losses.