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. Realtime 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 a 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.