Lower fraud costs and increase card usage
When a card is lost or stolen, blocking procedures are long and time consuming. A time window exists before the hotlist refresh happens.Users had no control on card usage till recently. Cardholder can’t change or set limits for each transaction as it involves processes to be performed. Real-time fraud prevention mechanism by limiting the geographical distance of card usage will be highly beneficial to users.
With FSS Toggle financial institutions can provide their customers with a mobile application to remotely control all aspects of their existing payment cards. FSS Toggle empowers cardholder to manage their debit, prepaid and credit cards from an application on a smart phone. It allows cardholders to set control preferences, receive real-time alerts, and respond to fraud alerts.
- Switch Card On/Off: With a single touch lock or unlock cards from a smart phone.
- Control settings: Customise transaction types, merchant categories, and spend limits to match usage profile.
- Safe mode: Allows just one transaction and blocks the card for further use.
- Transaction alerts: Instant alerts for various types of transactions for better visibility and prompt action.
- Location based control: Cardholders can define the geographical range for the card to be active using maps. If the card is used beyond this range, then the card will be blocked and alert sent via SMS.
- Manage spend limits: Allows cardholders to set spend threshold for their cards as well as their dependents’ cards, and change it instantly when needed.
- Transaction types: Cardholders can enable or disable specific type of payment delivery channels such as in-store, e-Commerce, ATM etc.
- Upto 30% reduction in fraud costs
- Enhanced consumer confidence
- Increased revenues from higher card usage
- Increase in new card holders
- Quick return on investment
- Differentiated solution in the marketplace