You’ve reported your debit or credit card stolen or lost. Your financial institution has locked the card, so you’re safe from card fraud.
But now the waiting for a replacement card begins. And until it arrives, you’re stuck in the water, so to speak, to make purchases, right?
Not necessarily. In the last few years, financial institutions have started issuing virtual cards to fill in while cardholders are waiting for physical replacements. A virtual card is generated on the spot and can be used immediately. However, it still requires that you contact your financial institution and manually add it to your digital wallet to continue making in-person transactions.
But there is a way to accelerate the process and use your virtual card faster: with the Ondot card control app, available through financial institutions.
Put the app to work and with a touch on your smart phone, you can simply turn off your card when it’s stolen or lost—no waiting to find your financial institution’s call center number and make the call. And your financial institution will be automatically alerted to the situation to start the process so that you can receive a virtual and/or physical card.
The virtual card can be pushed to your smart phone’s card control app securely. And the app, in turn, can push it to your digital wallet automatically, saving you time and effort.
For enhanced security, card and/or CVV numbers can be dynamically generated for use determined by the financial institution, be it a single transaction, total spend, or a duration of time. It is one of the many tools available from Ondot to keep cardholder accounts secure.
The Ondot app also offers you a way to protect your new card by putting you in control of when, where and how the card is used. You can switch the card on and off from your phone, 24 hours a day, seven days a week.
You can decide to have the card always on for trusted purchases, for example, at a local grocery store. At the same time, you can decide on selective use for other types of transactions. For example, it can be switched on for an online purchase and then switched off for any other online purchases until the next time you want to buy something on a web site.
Contact your bank or credit union representative today and ask about the app that puts you in control.