Of all the countries in the world, the United States has the highest incidence of card fraud, 47%, according to research by Barleys1. And it continues to increase. About 31.8 million U.S. consumers had their credit cards breached in 2014.1 Of those, almost 90% received replacement credit cards that cost issuers up to $13 for each card.1
Card-not-present fraud, associated with online and call-in purchases, tops the list at 45%1, and EMV is ineffective against that type of fraud.
Ondot offers a way to help lower your fraud costs and the risk of your cardholders becoming a victim of fraud.
EMV technology has helped reduce fraud associated with counterfeit cards. But not every business has adopted that technology. What's more, counterfeit cards represent only 37% of all fraud cases. Card-not-present fraud, associated with online and call-in purchases, tops the list at 45%1, and EMV is ineffective against that type of fraud.
Reduce the amount of time and places a card can be used and you can reduce the card's potential exposure to fraud. With Ondot mobile card services, your cardholders can manage their card activity from their smart phone, switching on and off their card when and where they want—24 hours a day, seven days a week.
They can switch their card on to work with certain merchants such as department stores or supermarkets. They can switch it on for an online purchase and then switch it off until the next online purchase. All from an app on their phone.
They can set their card to work with their phone's GPS so that access follows them wherever they go. They can also specify locations where the card will work. Controls set through the app automatically confirm authorized use based on individual parameters set by the cardholder.
With our push technology, you can send real-time alerts to cardholders through their phone, allowing them to monitor their activity and know if their card has been compromised. They can review their account, flag transactions that appear to be fraudulent and initiate a dispute—quickly and easily.
Ondot mobile card services not only helps your customers keep track of their card, they can also use the application to keep track of dependent and employee cards connected to their account to help reduce “friendly” fraud as well.
Financial institutions that have added our mobile card services application to their offering have seen a 40% reduction in card fraud and related costs. We can help you and your customers fight fraud. To learn more, contact your Ondot representative.