There is nothing worse than finding fraudulent charges on your debit card. Suddenly, you feel vulnerable every time you pull your card out to make a purchase and it takes time to reestablish that sense of security with the stores and bank to whom you give your business. Reading the latest news headlines and realizing hackers are constantly inventing new ways to breach systems and steal your information can add to your nervousness. And, when fraudulent charges occur, there is often a lengthy process consisting of phone calls, signing papers, waiting for processing and sometimes even scheduling an in-person appointment to remedy the problem.
Bank of Utah understands the potential difficulties that can accompany debit cards and is now offering a great tool for debit card holders that will replace the headaches with peace of mind. The new CardValet® app gives the control back to you, the card holder, and allows you to tailor settings on your debit card right from your smartphone or tablet, regardless if you are at home or traveling.
CardValet® offers these easy-to-use features:
Get real-time notifications when your card is used.
Real-time alerts keep you informed when your card is used or declined.
Restrict transactions to a certain area using your phone’s GPS.
Transaction controls that allow your debit card to work only in specific locations, add an extra layer of protection.
Set security preferences to match your spending habits.
Setting these preferences will not only help you budget your money but also let you know if fraudulent charges occur.
Enable or disable your card to be used within certain merchant categories such as gas and groceries, hotel and travel.
Add yet another layer of protection by only allowing certain purchasing categories for your transactions. If your card is stolen, perpetrators will not be able to make purchases outside of those categories.
Lock and unlock your card with a few taps on your smartphone.
After receiving a real-time alert about a fraudulent charge, you can lock your credit card wherever you are to stop the breach immediately.
Turn your debit card on and off.
Turning your debit card off when you’re not using it helps safeguard against fraud. When your card is “off,” no withdrawals or purchases will be approved.
A stolen card is just one area of concern in today’s world where Identity theft, skimming and other security attacks are also unfortunate realities. Although the app gives users amazing features to protect against fraud, CardValet® goes one step further in giving users additional debit card control.
Parents looking to teach their newly-licensed teenager or college-bound kids good spending habits, can now do so through CardValet®.
Set spending limits for your kids on general uses or specify thresholds by merchant types, such as gas, groceries or retail stores. You can also establish these controls by location. The flexible app lets you change these parameters anytime with ease via your mobile device. Whether you would like to encourage your family to budget money for holiday shopping or even a vacation, simply update your transaction controls to fit your spending needs.
Bank of Utah also offers parents of kids 16 to 26 years of age, the opportunity to open a Student Checking Account to further help teens and young adults learn to manage money.
CardValet® is also a great tool for employers looking to have more control over business spending on a debit card. Use the transaction controls for merchant codes, location and thresholds to ensure employee spending adheres to your company policies.
Bank of Utah is always looking for better ways to protect its customers from fraud and provide more opportunity to personalize and manage account balances. Download CardValet® and experience the innovative way to manage debit cards for your loved ones, your business and yourself today.
To learn more about CardValet®, click here or download the app on Google play or iTunes App Store.