balance inquiries, mobile
banking and payments
growing variety of financial
transactions. Consumers today
have the ability to make direct
person-to-person payments and
conveniently access all their ac-
counts via a smartphone.
feature set of mobile devices
presents financial institutions
with challenges to keep up with
consumer demands, particularly
for greater individual control of
services.
early next year is mobile credit
and debit card control and alert
technology. Delivered via a
downloaded mobile device ap-
plication, these technologies af-
ford consumers greater indi-
vidualized control, protection,
and management of their card
usage and data.
(
in Rancho Cucamonga, CA,
plans to introduce mobile card
controls and alerts capabilities
that allow members to set card
controls based on their prefer-
ences, such as transaction type,
merchant, location, and pay-
ment thresholds. Members of
credit unions will also be able
to perform specific self-service
functions, including balance in-
quiries and fund transfers.
ogy protects the cardholder as
well as the credit union when a
card is used in a way that is
for credit union members
identified parameters. Controls
can be set by the cardholder so
that specific types of
transactions are imme-
diately denied and the
cardholder is alerted
about any potentially
fraudulent use.
any number of ways:
holder specifies a geo-
graphic region where
the card can be used,
with transactions denied when
used outside the parameters.
specifies allowed transaction
types, such as in-store, online,
recurring, or ATM cash with-
drawals.
can be limited to gas, hotel,
travel whatever the card-
holder mandates.
instance, can set controls per
employee based on their loca-
tion and corporate rank.
turns the card on or off.
gies can be complex, but in this
case, consumers already use
their mobile devices to manage
a variety of financial manage-
ment tasks. Soon, credit unions
will be able to offer their mem-
bers new ways to more fully
manage card use and
security.