Kinetic Credit Union in Columbus said it has introduced CardValet, a mobile card management application that helps reduce fraud by allowing cardholders to monitor accounts with their smartphone and control how, when, and where their debit and credit cards are used.
CardValet was developed in partnership with Fiserv and is available in the Apple App Store and Google Play. Once CardValet is set up, cardholders have the ability to “turn off” their card when not in use, establish transaction spending limits, and decline a transaction when the amount exceeds a predefined threshold.
“With this new and powerful debit and credit card management tool, our members can set parameters for when, where, and how their Kinetic cards are used,” Janet Davis, Kinetic president and chief executive officer, said in a statement. “It’s easy to turn off their debit or credit card from their smartphone, and then turn on their card when they want to use it.”
The on/off feature is only one of the safeguards available with CardValet. Using the GPS system in the smartphone, geographic use restrictions can be established. Other controls can restrict usage by merchant and spending limit. Real-time alerts create another layer of fraud protection with alert notifications when a transaction is attempted, declined, or both.
Consumers can find out more about Kinetic’s new CardValet app by visiting the Kinetic website at www.kineticcu.com.