In May of this year, CNBC carried an article entitled "Fight fraud with remote control for credit cards:"
"Your credit and debit cards are always on, so they are always vulnerable to a criminal attack. If one of those cards is stolen or hacked, it can be used to buy things or drain your bank account - even if the card is safely in your wallet.
Last year's Target breach reminded us of the threat.
Wouldn't it be nice if you could turn off your cards and shut down access to your accounts when you aren't using them?"
That ability is now available. And no... you don't need to carry a remote that also operates your TV and DVR. The remote for this application is housed on your member's smartphones.
And who doesn't always have their smartphone with them at all times?
According to a study by IDC:
- 79% of people aged 18-44 have a smartphone with them for at least 22 hours a day!
- 49% of the entire U.S. population uses a smartphone.
- 2017, the percent of smartphone users is expected to reach 68%.
- Four out of five smartphone users check their phones within the first 15 minutes of waking up.
- 80% of those say it’s the first thing they do in the morning.
Remote Control Credit Cards are a Game Changer
We have been talking lately about the best way credit unions can Nab the 35 and Under's (see our blog from last week). Mobile banking for credit unions is a must, as is mobile apps, but with the ability to control their credit card security from the device they have on them nearly 80%, Remote Control Credit Cards and Remote Control Debit Cards is now a game changer.In April 2014, HALLCO Community Credit Union out of Gainesville, GA realized this game changer. They debuted their HALLCO Mobile App, that was specifically designed for secure banking on-the-go. The app is free and exclusive to HALLCO Credit Union Members and it's most ground-breaking feature gives users the ability to lock and unlock their HALLCO debit and/or credit cards in real time.
HALLCO was able to accomplish this using their core technology provider, FLEX, the only credit union core with embedded remote control card capabilities. We invite you to read the entire HALLCO Press Release, as well as see some screen shots of this app at work.
