PSCU’s Card Lock mobile app puts extra security controls in members’ hands
New version gives consumers mobile access to block/unblock authorizations on their credit cards
ST. PETERSBURG, FL (February 22, 2016) — PSCU, the nation’s leading credit union service organization, announced today the availability of a reimagined version of its Card Lock security application for mobile devices that gives consumers additional fraud-fighting controls over their credit union credit card accounts. The new Card Lock mobile app lets cardholders set transaction limits, block purchases, request alerts and take full control of their card at the point-of-sale, all from their mobile device. A Card Lock API gives credit unions the added ability to integrate Card Lock’s transaction alerts and controls technology into their own mobile apps.
Reengineering Card Lock for use in the mobile device is a natural evolution of this technology that provides members with a convenient, powerful and effective backup for the fraud protection measures already in use by credit unions,” said Tom Gandre, Chief Operating Officer for PSCU. “With Card Lock, instant transaction visibility and easy-to-use controls are surefire ways to lower fraud. This is a solution that directly addresses the concerns consumers have today about the security of their credit cards.”
In addition to user controls, Card Lock functionality also includes alert management and preferences for setting up or editing the user’s notification preferences on the go. Consumer data shows that members are more likely to use their card more and at a wider variety of merchants when they feel secure from and in control of fraud. It’s a known fact that fraud losses rise significantly the longer the fraud remains undetected.
Card Lock, which has two registered patents for its breakthrough technology, allows users to also set up automated triggers and thresholds such as purchase limits that will block specific transaction types at the point of sale. “Card Lock’s integration with Member Alerts stands alone with the flexibility to be offered in PSCU’s other digital channels, such as Access Point, while also offering account level alerts in addition to transaction level alerts,” said Gandre. The combination of account- and transaction-level alerts differentiates Card Lock from other mobile card security solutions in the market, according to PSCU.
PSCU is the leader in payment card fraud detection and prevention with a fraud loss-to-sales ratio of 8 cents per $100 versus the payment card industry average of 14 cents. PSCU’s risk management team and analytics tools and processes have directly prevented nearly $190 million in losses over the past 13 months related to transactions that were identified as fraudulent and declined immediately at the point of sale.
PSCU, the nation’s premier payments CUSO and an integrated financial technology solutions provider, supports the success of more than 2,400 financial institutions and processes nearly 7.7 billion transactions annually. Committed to service excellence and focused on continuous innovation, PSCU’s payment processing, fraud and risk management, data and analytics, digital banking, strategic consulting and real-time payments platforms, along with 24/7/365 member support via its contact centers, help deliver personalized, connected experiences. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 45 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.