Bethpage Federal Credit Union becomes first credit union to launch CardNav by CO-OP to members
New Mobile Card Controls and Alerts Application Available Immediately to Credit Unions
RANCHO CUCAMONGA, CA (October 29, 2014) — Bethpage FCU of Long Island, N.Y., is the first credit union to launch CardNav by CO-OP to its members, following the successful conclusion of testing on the new mobile card controls and alerts application.
“Bethpage pilot tested CardNav by CO-OP for 60 days and we launched it to our members on Oct. 16,” said Shanta Sewnarain, Assistant Vice President, Operations and Risk, for Bethpage FCU. “Fraud is on the rise and we encourage our cardholders to download and use CardNav by CO-OP to help prevent and mitigate losses. We can empower our cardholders by giving them this easy tool at their fingertips to protect their debit card, which can also build loyalty and increase card usage.
“We had a successful pilot phase with very positive feedback from our testers, which included about 30 of our credit union employees,” Sewnarain continued. “One tester shared that his usage control was set as ‘my location’. His location is New York and he received an alert for a transaction in New Jersey. CardNav immediately denied the transaction based on location.
“Another user told us, ‘I know immediately when and where my card is used. I can block specific transactions and merchants, and place my spending limit on a budget. It is just awesome and I wish we had this a long time ago,’” Sewnarain concluded.
CardNav by CO-OP
CardNav by CO-OP empowers credit union members to decide when, where and how their mobile credit and debit cards are used in advance and in real-time. Smartphone and tablet application simultaneously addresses two key demands of today’s member – greater functionality in mobile payments and greater personalized control and security. CardNav enables credit unions to offer a unique, distinctive service that increases member engagement in the mobile, digital wallet channel.
CardNav enables credit unions to provide their members with full control of their credit and debit cards. User-specified controls for card use include on/off, location, spending limits, and transaction and merchant types, with the same parameters governing real-time alerts.
For credit unions, CardNav by CO-OP helps:
- Protect their members and their own bottom line by reducing opportunities for fraudulent transactions;
- Differentiate them from big banks and other financial institutions;
- Meet member demands for greater mobile control of their financial lives; and
- Streamline operations by introducing a solution that extends Do It Yourself banking.
For more information, visit www.co-opfs.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation’s largest credit union service organization in terms of number of credit unions, assets and members. The company helps credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of “Be There. Be More,” CO-OP’s products fall into three business lines, including “Locations,” (ATM, shared branching and call center services); “Card Payments” (debit and credit processing) and “Mobile/Virtual” (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.