Visa Inc., a global leader in payments, is introducing a new service to help Visa issuers empower consumers to monitor and control how, where, and when their Visa credit, debit, and prepaid accounts can be used.
With real-time visibility and control over their accounts, consumers can take immediate action to protect themselves from security threats and fraud, Visa believes.
Visa Consumer Transaction Controls, which is available to Visa card-issuing financial institutions, enables account holders to set simple, convenient, and effective spending controls, receive transaction alerts, or even temporarily suspend their accounts using a simple on/off feature.
“By putting the account holder in charge, Visa card issuers can provide their consumers peace of mind through innovative spending controls, and more effective fraud prevention,” Mark Nelsen, senior vice president of Risk Products and Business Intelligence, Visa Inc says.
“With new digital commerce experiences emerging daily, it’s important that we provide easy and convenient ways for consumers to direct and monitor how their accounts are used and help better secure the payment system.”
Visa issuers will be able to offer consumers a variety of transaction controls that are easily customised to meet their specific needs. For example, spending controls can be applied to different transaction types, date ranges, or overall card spending to offer consumers visibility and control over their money. Alerts can be sent by text, mobile app, or email in when transactions take place.
According to Visa, financial institutions who adopt Visa Consumer Transaction Controls will be able to offer the service through their mobile banking application, mobile wallet, or website. Issuers can choose the features to provide to their consumers including temporarily stop transaction approvals, manage specific transaction types, set spending limits and manage multiple cards.
Participating financial institutions can integrate transaction controls into their mobile banking applications using an application programming interface (API), which helps streamline integration into existing bank systems.
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