Problem:
Both credit unions and cardholders are looking for innovative new
ways to provide greater fraud protection for credit and debit cards.
Although PSCU Financial Services delivers exceptional fraud protection
technology and 24/7 monitoring, cardholders are eager to exercise
greater control over the use of their credit and debit cards.
Solution:
PSCU Financial Services introduced the financial industry’s
first service that empowers consumers to lock and unlock debit and
credit cards for an added layer of fraud protection. The new CardLockTM
service allows cardholders to exercise control over the authorization
process for all transactions, regardless of whether they are conducted
in person, on the Internet or via phone. If the card is locked, any
attempt to authorize a transaction will be declined and the cardholder
will get a call from PSCU Financial Services’ fraud department
alerting them about the attempted transaction. Reoccurring transactions
set up with a merchant will be accepted even if the account is locked.
Results:
The new CardLock service responds to the desire by consumers for enhanced
fraud protection, as well as the industry’s need for higher
security. Cardholders report this service gives them a sense of control
and security, and consumers who are wary of online shopping or identity
theft appreciate the added confidence when using their cards. Consumers
who use this service are not assuming any added responsibility or
liability for fraud.
Contact:
Tom Beatty
P. 800-443-7728 extension 7877
E. Tbeatty@pscufs.com
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