Visa Rolls Out Self Service Card Security – Visa Consumer Transaction Controls.
In an effort to bolster card security, Visa has introduced a new service called Visa Consumer Transaction Controls. The main aim of this new service is to enable cardholders to be able to monitor and manage their own card security. The new service provides real-time visibility and control of their card accounts, enabling consumers to take immediate action to protect themselves from fraudulent transactions.
Visa wants to empower its cardholders. I personally welcome the move as it gives consumers a better sense of security when they know that they can easily setup when, where, and how their credit and debit cards can be used. They can even temporarily disable their credit cards so that they can’t be used by anyone. That alone is a great feature. For example, if you left your card or wallet at work or in a cab and will be getting it back soon, you may not need to cancel your cards.
Visa states that only $0.06 of every $100 transacted on a Visa card is fraudulent. It continues to add that its consumers who proactively monitor their transaction alerts see 40 percent less fraud when compared with those who do not use the transaction alerts option.
“By putting the account holder in charge, Visa card issuers can provide their consumers peace of mind through innovative spending controls and more effective fraud prevention,”
“With new digital commerce experiences emerging daily, it’s important that we provide easy and convenient ways for consumers to direct and monitor how their accounts are used and help better secure the payment system.”
— Mark Nelsen, SVP of risk products and business intelligence for Visa.
Banks are welcome to integrate Visa Consumer Transaction Controls.
Visa has not forgotten about financial institutions and their mobile banking apps. Banks can easily integrate Visa Consumer Transaction Controls into their mobile banking apps, mobile wallets, and websites using an API available through the company’s new Visa Developer platform. It also makes available other APIs which gives banks, financial institutions, and 3rd party developers access to use Visa’s various payment technologies, products and services.
Here is how the Visa Consumer Transaction Controls program will work.
- Consumers can temporarily turn off and on card transaction approvals. Great for when you forget your wallet at the office and will not be back until the next day.
- Consumers can request alerts for every time a card is used. This helps consumers know instantly how much was charged to their card. Greatly reduces fraudulent charges.
- For families who give their kids cards, they can set spending limits on different cards and receive spending alerts for ATM withdrawals as well. Great for allocating budgets for family spending while allowing for ease of use. Works the same for employee cards.
Here is a great video that shows the practical uses of this program.
httpss://vimeo.com/154682974
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