Data breaches have become more commonplace, compromising millions of cards and changing attitudes about security in the payment system. There is not much a consumer can do to prevent cards from being compromised.
CardValet is a new debit card management and fraud mitigation tool for debit cardholders. With this free app, cardholders have the ability to actively manage their debit card usage – setting parameters for when, where and how a debit card is used.
“This is a completely new approach to debit card management and a powerful tool,” Queenstown Bank Chief Operations Officer, Tracy Whitby-Fairall says. “I can turn ‘off’ my debit card from my smartphone, and then turn it back ‘on’ when I want to use it.”
The On/Off feature is only one of the safeguards available with CardValet. Using the GPS system in your smart phone, geographic use restrictions can be established with your debit card. Other controls can restrict usage by merchant and spending limit right from your smartphone. Real-time alerts create another layer of fraud protection by bringing it to your immediate attention that a transaction was attempted and/or declined.
Mitigating debit card fraud is a partnership between consumers and banks, and with CardValet, Queenstown Bank debit cardholders have a way to actively monitor and control their debit card usage. CardValet is a free mobile app, however, it can only be used with debit cards from participating financial institutions. “Queenstown Bank is proud to be one of the first banks in our region to participate,” Whitby-Fairall said. “We were quick to recognize how CardValet could empower our customers and provide peace of mind.”
CardValet is available through the Apple App Store and Google Play App Store and can be used with consumer debit card accounts at Queenstown Bank.
Tom Rhodes, QBM President - At approximately 5:00 p.m., after leaving the bank, he began receiving alerts through CardValet of transactions from his debit cards. The transactions were from other states. He was immediately able to shut down his card because he knew he wasn't the one using it.
Customer – On her way to work, her phone began dinging with alerts of card transactions being processed in Georgia and Florida. She too was a victim of fraud. With CardValet, she is notified of each purchase she makes (or doesn’t make) as soon as it’s completed.
Customer – He was recently unable to find his wallet and was able to turn off the card on his CardValet App. The wallet was found and the card was turned back on. This saved the customer peace of mind knowing no one could use his card. This also potentially saved the customer from not being without his card, which is what happens when a card is "hot carded". There is no way to re-activate or turn a card back on once it has been hot carded.
QBM Director - He was recently a victim and the first thing he did after receiving his new card was to download and use the CardValet App.
If you're trying to establish or stick to a budget, CardValet can help. Set spending limits for general use or specify thresholds by merchant types, such as gas, groceries or retail stores. You can also establish these controls by location. The flexible app lets you change these parameters anytime with ease via your mobile device. Going on vacation? Holiday shopping? Simply update your transaction controls to fit your spending needs.
A lost or stolen card is just one area of concern in today’s world where Identity theft, skimming and other attacks are an unfortunate reality. Turning your debit card off when you’re not using it helps safeguard against fraud. When your card is “off,” no withdrawals or purchases will be approved. Transaction controls that allow your debit card to work only in specific locations or geographic areas, add another layer of protection. And real-time alerts keep you informed when your card is used or declined.
CardValet is a great tool for controlling business spending on a debit card. Use the transaction controls for merchant codes, location and thresholds to ensure employee spending adheres to your company policies.
Review Balances and Transactions
Monitor your finances from anywhere. Use the CardValet app to check your account balances.