Article
How remote controls help cardholders fight fraud
WORLDPAY EDITORIAL TEAM
June 12, 2019
It’s one thing to offer cardholders the tools to help manage their finances. It’s another to make sure they put these tools to use.
When it comes to helping prevent fraud, a custom card control service like MobiMoney from Worldpay can go a long way. MobiMoney is a mobile app that cardholders can use to turn their cards on or off, restrict card usage, and receive notifications on card activity— all from their mobile device. It’s sort of like a “remote control” cardholders can use to manage their cards in real time.
Card controls help build trust and increase card usage, while protecting both your cardholders and your institution. Let’s take a look at how you can encourage cardholders to take advantage of these important security features.
Communicate the advantages
A good first step toward getting cardholders to use your card control app is to let them know they have the power to manage their own cards. A friendly reminder may increase the chances that they’ll create more secure card boundaries, helping keep your card top of wallet.
You can use targeted card marketing to educate and encourage your cardholders to use their custom card controls by highlighting the features and benefits. Another benefit: letting cardholders determine their card settings helps strengthen affinity for your card and your institution.
Incentivize your cardholders
Another way to encourage your cardholders to use the card controls you offer is by offering incentives. One way to do this is in partnership with your processing provider. In the end, the greatest reward card controls offer is a sense of card security. But, whether it’s travel miles or cash back, cardholders always appreciate a little extra bonus to try something new.
Your cardholders have the ability to protect themselves from fraud. There’s no reason you wouldn’t want them to participate in managing their cards with convenient and more secure card controls. Use remote controls for your cards to turn on a better cardholder relationship, while turning off your vulnerability to fraud losses.
Are you interested in learning more about how card control helps protect your financial institution? Reach out to speak to a payments expert.