CardControl offers consumers peace of mind and confidence in using their payment card everywhere. Financial Institutions can lower fraud, and increase revenue from higher card usage.
Increase Consumer Confidence.
Recent data breaches impacting over 100 million cards have heightened consumer awareness to payment card fraud. One in five Americans is a victim of data breach. Fraud victims often make radical decisions affecting Financial Institutions: one in three reduce card usage or switch primary cards or start using other payment forms more such as cash. 35% of cardholders do not reactivate their reissued payment cards. Empowering consumers with proactive control and instant visibility creates confidence in the safety of their payment cards, which builds loyalty and increases card usage.
Increase Revenue from higher card usage.
Consumer confidence increases card usage. Our customer data shows over 50% increase in card usage and spend for Ondot-powered cards. Increase card spend directly contributes to interchange revenue, and interest revenue on higher deposits for DDA accounts and payoff amounts for credit accounts. Financial Institutions have also experienced pull-through revenue from loans and offers, and scored higher in consumer satisfaction ratings.
Fraudsters are becoming more sophisticated in causing data breaches, to the tune of $11B in 2012 and increasing by over 25% annually. While Financial Institutions are fighting back with better fraud detection systems, over 45% of fraud is still reported by the consumer, taking an average of 52 days. With Ondot, Financial Institutions can co-opt the cardholder into fighting fraud, to the benefit of both the issuer and the consumer. Financial Institutions lower fraud by up to 60%, and consumers are safer.
Leverage location information to avoid inconvenience to your customers.
Correlating the location of the consumer with the location of the transaction is the best way to determine if the consumer is actually making the purchase for card present transactions. Location awareness not only lowers fraud, it also reduces denial of service and hence improves customer satisfaction. Ondot’s patent-pending location technology allows Financial Institutions to introduce location-aware services immediately.
Empower Parents to Control Dependent Card Usage.
Three out of ten teens and six out of ten college students use cards supported by their parents and guardians. The dependent card segment for teens, aging parents, and household help is one of the fastest growing segments in the payment card industry. With Ondot, parents can proactively control dependent card and instantly monitor spending and, and Financial Institutions can introduce high margin dependent card products.
Empower Businesses to Control Employee Card Usage.
Businesses report an average of 6% to 11% of “friendly fraud”, where employees charge unauthorized expenses to their business cards. Businesses can save an average of $72 per card annually by adopting a solution that provides proactive control with instant monitoring. Employees benefit by being able to see their spend limits instantly and hence avoiding denial of service, and submitting reimbursements with just a few touches on the smartphone app.
Get Up and Running with Minimum Integration Effort.
Ondot supports two deployment models.
- For Financial Institution customers of Ondot’s processor partners, offering controls is as simple as flipping a switch at the card processor to onboard the Financial Institution. Financial Institutions can start delivering Controls instantly to their existing card base.
- In the FI-Direct model where Ondot works directly with Financial Institutions, Ondot’s Mobile Card Services solution integrates into the Financial Institutions’s network infrastructure in its data center using a minimally intrusive integration approach into the universal ISO 8583 payment standard.
According to your peers:
“The increased interchange by itself pays for the solution many times over, but more important is the benefit to consumers, who feel safe and become advocates for our bank in their social circle.”
Chief Financial Officer, Lone Star National Bank
Industry research shows:
Direct fraud costs for financial institutions exceeded $11B in 2013.