US-based Pinnacle Financial Partners has partnered with Fiserv to introduce a new mobile card management application aimed at reducing account fraud at the point of the transaction.
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Known as CardValet, the new app allows cardholders to monitor accounts with their smartphone and control how, when and where their debit card is used, reported Lebanon Democrat and Wilson County News.
Available in Apple’s App Store or Google Play, the app provides cardholders the ability of linking additional accounts to improve monitor dependent spending.
With CardValet, cardholders can turn off their card when not in use, establish transaction spending limits and decline a transaction when the amount exceeds a predefined threshold.
Additionally, the solution will monitor or control transactions for specific merchant categories as well as deny or report for specific types of merchants.
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By GlobalDataThe product enables users to manage their debit card spending limits, alerts and types of transactions from their smartphone.
Pinnacle’s senior product manager Jamie Sweeney said: "CardValet is an additional layer of alert protection to help identify and stop fraud at the point of the transaction. Putting this type of control in the hands of our clients will help us detect card activity and prevent fraudulent or unauthorized transactions, which results in less financial loss.
"We think this monitoring feature is especially helpful for business clients. A business owner or manager now has the capability at their fingertips to better enforce spending policy compliance among their employees," Sweeney added.
