US-based card issuer Discover Financial Services has rolled out a new tool that allows cardholders to instantly stop purchases on their account from their smartphone when a card is misplaced.
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Called Freeze It, the new feature operates like an on/off switch to halt new credit card purchases in person or online.
Using this free feature, cardholders can call Discover and get a new card and account number if their credit cards are permanently lost or stolen.
The new tool features benefits such as working as an on/off switch for new purchases, cash advances and balance transfers, easy activation as well as sending alerts to cardholders if a transaction is declined.
The tool, which is not applicable to Discover business cards, will also allow some account activity to continue such as bills marked as recurring by the merchants, returns, rewards redemptions.
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By GlobalDataAdditionally, the tool provides several security features for Discover cardholders, including 24/7 monitoring of every Discover card purchase and new chip technology to counterfeit a Discover card.
It also sends email and text alerts when a purchase is made and offers $0 fraud liability guarantee to avoid unauthorized purchases on their Discover cards.
Discover senior vice president of marketing Julie Loeger said: "We’re giving our cardmembers a fast and simple security feature that gives them more control over their accounts and more peace of mind if a card goes missing. The Freeze It feature adds another layer of protection to Discover’s continued efforts to increase cardmember security and help prevent fraud."
