Empowering cardholders to fight fraud on the frontlines
Payment fraud is an unfortunate but prevalent crime, and while it’s tough to stop it completely, there are some new methods that are proven to work extremely well for preventing it! Modern card controls allow cardholders to put parameters around card usage, and if these rules are broken, the transaction will be declined at the point of sale.
If the controls are not set up, but usage alerts are in place, a cardholder can be notified immediately that their card was being misused, and take action to shut off or cancel the card.
“There are typically 3-4 transactions or more on a stolen or breached card before it’s noticed by the cardholder of fraud engine,” said Todd Lesher, chief strategy officer for Ondot Systems. “This drops to an average of just over 1.3 transactions with real-time alerts.”
Click here to see the PYMNTS.com interview with Todd Lesher from Ondot, and his answer to the question “How does card modernization make payments safer?”