Consumers are demonstrating a growing interest in self-service in their financial services behavior and can now benefit from applications that will enable them to reduce fraud in use of their debit accounts.
The monstrous payment card data breaches of 2013 is giving way to a consumer demand for better mobile tools to fight debit card fraud.
A recent report shows that almost 50% of consumers would prefer to control the use of their payment cards themselves (they would be “interested” in using their phone to temporarily allow or block transactions on their card. The report comes the TSYS 2013 Consumer Payment Choice Study.
A new report from Mercator Advisory Group, Cardholder Account Controls via Mobile Devices, builds on this and discusses how a quiet development effort exploded when the data breaches of 2013 hit. It set the stage for a new service capability that will benefit all stakeholders that are involved with this functionality. The next question that the market will be asking is, “What is the best array of mobile cardholder account controls?” On/Off control is a given. Specific controls such as spending limits or blocking by transaction type or location are offered by some vendors. To be determined is how broad the service offering needs to be to get to make it truly valuable to consumers.
For access to the report visit: http://www.mercatoradvisorygroup.com/Press_Releases/New_Mobile_Tools_for_Consumers_to_Fight_Card_Fraud_on_Debit_Cards/
For more data on Debit Card Fraud access CardData®. For information and commentary on Debit Card Fraud visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. Custom RAM Research® projects on Debit Card Fraud are available exclusively through CardWeb.com.®
Companies mentioned in the Mercator Research include: City Bank Texas, CSI, D+H, Diebold, Fiserv, Jack Henry, Lone Star National Bank, Malauzai Software, Monitise, Ondot Systems, Simple, TSYS, USAA .
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world’s largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors.