RANCHO CUCAMONGA, Calif. (11/15/13)--CO-OP Financial Services, a credit union service organization based in Rancho Cucamonga, Calif., plans to introduce mobile card controls and alerts capabilities that allow members to set card controls based on their preferences, such as transaction type, merchant, location and payment thresholds.
The controls will be released early next year, CO-OP said, and will be delivered via a downloaded mobile device application.
Members of credit unions also will be able to perform specific self-service functions, including balance inquiries and fund transfers.
Card control and alert technology protects the cardholder as well as the credit union when a card is used in a way that's inconsistent with the user-identified parameters. Controls can be set by the cardholder so that specific types of transactions are immediately denied and the cardholder is alerted about any potentially fraudulent use.
Parameters that can be controlled include
- Location. The cardholder specifies a geographic region where the card can be used, with transactions denied when used outside the parameters.
- Transaction. The cardholder specifies allowed transaction types, such as in-store, online, recurring or ATM cash withdrawals.
- Merchant. Merchant categories can be limited to gas, hotel, travel--whatever the cardholder mandates.
- Dependent. Businesses, for instance, can set controls for each employee based on the employee's location and corporate rank.
- On/Off. The cardholder simply turns the card on or off.