Credit card security has been at the forefront of folks’ minds lately, with the switchover to chip cards from traditional magnetic stripe cards. Credit card banks and issuers are doing their best to make sure folks are fully protected from fraudulent charges and credit card fraud. And now Visa is introducing a new service that lets cardholders monitor and control their accounts, putting them in the charge when it comes to credit card security.
Visa Consumer Transaction Controls gives folks the ability to protect themselves from security threats and fraud, and take action if anything strange crops up in their account activity. Cardholders can set spending controls, get transaction alerts, and freeze their accounts temporarily using an of/off feature.
Cardholders are in charge
Transaction alerts are sent by text, mobile app, or email, according to customer preference. Spending controls can be applied to specific date ranges, transaction types, or overall spending amounts.
Visa research estimates that people who get Visa transaction alerts are subject to 40% less fraud than those who do not. Still, fraud is low in the Visa system, accounting for only about six cents out of every $100 in transactions.
“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,” said Visa’s senior vice president of Risk Products and Business Intelligence Mark Nelsen. “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.”
Specific features are available by mobile app or on the web, and include:
• The ability to temporarily stop transaction approvals. Consumers can turn card authorizations off or on, and immediately act if their card is missing or stolen
• Management of transaction types. Cardholders can block transactions, or request alerts for certain activity, including purchases in retail stores or online, international purchases, or even ATM withdrawals.
• The ability to set spending limits. Folks can limit the amount of a transaction, set limits over a set time period, or get a spending alert when a purchase of a specific size is made.
• Multiple card management. If people have more than one Visa card account, or more than one card per account, they can set up alerts for each card. This is especially helpful for small businesses or families with more than one authorized user on a credit card account.