We were featured on CUInsight last week for our article Iron Man’s idea of a debit card: One with remote controls. If you happened to miss it in their news feed, here is the article:
When Tony Stark (billionaire, genius inventor, Iron Man*) needs to know something, he speaks his commands to J.A.R.V.I.S. who provides him with immediate access to the information he needs. If he suspected that HYDRA had tampered with his investment portfolio, you can bet he wouldn’t be found calling the customer service 800 number to put a freeze on his account. Wouldn’t it be nice if your credit union members had the ability to turn off their debit and credit cards and shut down access to their accounts by speaking commands to a J.A.R.V.I.S. of their own? What about having this ability when the reality of fraud presents itself, not in a super villain environment, but in the form of an everyday hacker or thief? Or worse… a teenager!
While many debit and credit card companies and processors employ sophisticated back-end fraud detection systems, what about a technology that would put fraud prevention into the hands of your credit union members?
Today, services like Uber and Lyft allow people to request a car and driver through their smartphone with the tap of a finger, so why should anyone have to sit on the phone to turn off a stolen debit or credit card? Not quite J.A.R.V.I.S., but Siri is getting close.
Mobile remote control apps have been around a few years. However, remote controls for debit and credit cards do not need to require the use of an app that is separate from your credit union’s mobile banking app. In fact, integrated mobile card management services for credit unions are already available from core providers.
Embedding Remote Control Debit and Credit Cards into credit union core technology is precisely what Joe Foster, CEO of Hallco Community Credit Union in Gainesville, GA, has done. “Today, with FLEX as our credit union technology partner, our members have mobile remote control for their debit and credit cards. This provides my members with the ability to stop fraud and enjoy peace of mind when using their Hallco Community CU debit and credit cards,” said Foster. (Download the full case study here).
Members of Hallco Community Credit Union have the ability to turn their card “off” with the tap of a finger. This is a great option if members fear fraudulent activity; or if they are leaving the country for an extended period of time and will not need to use their card; or if their college student teen has been using their “emergency card” for too many trips to Starbucks. If the card is turned “off,” members would then have the option to turn the card back “on” or to request a card reissue.
This mobile remote control system interacts directly with Hallco Community Credit Union’s core processing system real-time, allowing not only members but also member service reps the ability to view status reports and card management on the back-end. Foster continues: “With the combination of enhanced eAlerts and mobile apps, our members are able to use mobile remote controls to stop fraud.”
Allow your credit union members to be the superhero they always knew they could be. With the right credit union core technology, you can put the power of J.A.R.V.I.S. to work for your debit and credit card programs.
Want advanced card management from within the core?
*Iron Man is a licensed character of Marvel Worldwide, Inc.
