The recent rash of data breaches has many card issuers and their cardholders on edge, not knowing whether a compromised card could be used fraudulently and without their immediate knowledge. With new application programming interface (API)-based products from TSYS, issuers now can enable their cardholders to turn cards on and off at will, thus providing an extra layer of protection against unauthorized use.
Issuers may integrate the TSYS Authorization Controls into existing mobile and other online customer-service tools, or anything new they may offer later. In a podcast interview with PYMNTS.com Vice President of Digital Media Jeffrey Green, Paul Bridgewater, TSYS group executive for global product, noted that financial institutions also may use the tool to help demonstrate their commitment to security.
Bridgewater explained a few use cases for which issuers could build solutions using this product: With Authorization Controls, issuers may set the rules that cardholders follow in establishing the times of day when cards are active, or, through geofencing, when they are within a certain range, such as 25 to 30 miles, of where they shop regularly, for instance.
(Jump To: 0:35) “It really provides complete flexibility on how the issuer decides to block this functionality for the cardholders,” he said.
Like An On-Off Switch
Cardholders may temporarily disable their card account from any device or location to prevent unauthorized use. They also may set as “on” or “off” future authorizations for an account. Other options include setting the account for one-time use, such as only the next transaction; establishing recurring payments, despite account status, to avoid interruption of those payments; and receiving alerts for every transaction while an account is in the “off” setting.
(Jump To: 5:53) “We think that offering more and more flexible API-based services will enable our customers to provide an enhanced and highly valuable user experience for their customers and cardholders, and on the devices that they choose to use,” Bridgewater said.
To learn more from Paul on TSYS’s consumer-driven account controls, listen to the full podcast by clicking below.