Protect cardholder information with mobile banking
posted by Liz Little (Retired) on Wednesday, August 14, 2019 in SHAZAM Blog
You’ve heard about it, there’s a good chance you’ve dealt with it and you know it’s happening — cybercriminals are constantly on the hunt to steal cardholder personal information. They use techniques like phishing, skimming, hacking and even the old-school method of simply stealing cards.
A great way to protect your cardholders is to offer a mobile banking tool that can alert them to potential fraud in real time through a smartphone — in other words, a fraud-fighting app.
Here are a few questions to consider when looking for a fraud detection solution for your mobile banking system.
- How easy will it be for my cardholders to download the app? Making sure the app is iOS/Apple and Android compatible is a simple, but critical, first step.
- How will the app integrate into my banking system? Integrating two systems into one adds another opportunity for system failure. That potential failure could create cardholder frustration and erosion of cardholder trust in your product’s reliability.
- How does the app fit into my institution’s brand? Will the fraud alerting solution simply plug in to your existing mobile banking platform and the marketing that’s currently being used for that platform? A different brand and graphics can be confusing for cardholders and may end up being more trouble than it’s worth.
- How easy is the solution for my cardholders to use? Will the app allow cardholders to control how and when they’re alerted of activity, and will those alerts occur in real time? Once cardholders receive an alert, will the app allow them to turn off their debit card in real time so any other transactions will be immediately blocked? These are key items to consider.
Cardholders are more aware than ever about how quickly their card can be compromised. Giving them a fraud-fighting tool that’s not only flexible enough to work with your existing system but also lets cardholders make decisions can be a value that sets you apart from the competition.
About the Author
Liz Little works alongside banks and credit unions to help them effectively manage fraud preventative techniques. By researching the latest fraud trends in the EFT industry, she can guide SHAZAM participants with strategies to prevent fraud and mitigate risk.
SHAZAM, Inc. and ITS, Inc. provide this blog for general informational purposes only. Our blog may be shared by a direct link wherein the content remains as originally presented and has not been altered. SHAZAM, Inc. and ITS, Inc. assume no responsibility for errors or omissions in the contents on the blog. By using this blog, reader agrees that the information published does not constitute nor is a substitute for legal advice which should only be sought from a qualified, licensed attorney.
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