US-based Radius Bank has introduced a new mobile application, dubbed Radius Card, for real-time monitoring of card transactions and improved security.

Cardholders can use the app to set control preferences to avoid fraud. The app enables users to turn off misplaced debit card, which can later be turned on upon recovery.

Radius Card additionally facilitates setting of location-based restrictions to prevent transactions outside the determined area.

It provides real-time notifications on card usage and transactions, along with spending caps and activity limits to aid in budget management.

Radius Bank president and CEO Michael Butler said: “Radius Card furthers that commitment, serving as an easy-to-use tool that helps clients safeguard their finances.

“Combined with our leading-edge checking accounts and other technology offerings, we remain confident that we are providing the best experience in the industry.”

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Radius Bank executive vice-president of virtual banking Chris Tremont said: “We’re designing products that simplify our customers’ lives. We’ve all been there – gone to pay for something and when you open your wallet your card isn’t there.

“Now you can quickly turn the card off without any extra stress or phone calls to the bank. And if you find it back at home, you can turn the card on with a swipe in the app.”