Greylock Federal Credit Union (Greylock FCU) has introduced its latest debit card management and fraud prevention tool that helps cardholders actively manage their debit cards from smartphones.
Dubbed CardValet, the new mobile app can be downloaded from the Apple App Store or Google Play Store.
Suitable for small businesses, the CardValet is equipped with on/off feature. Additionally, geographic use restrictions can be activated using the GPS system in the smartphone.
Moreover, the cardholders can control usage of their debit card by merchant and set spending limit. In order to boost the fraud protection, the app offers real time alerts informing the cardholder that a transaction was attempted, declined, or both.
Further, CardValet gives cardholders the capability of connecting additional accounts to better monitor dependent spending.
Using CardValet, all transactions can be monitored or controlled for specific merchant categories, including travel, restaurants or entertainment, and can be denied or reported for types of merchants deemed not business related.
Greylock FCU president and CEO John Bissell said: “With this new and powerful debit card management tool, our debit cardholders can set parameters for when, where and how their debit card is used.
“It’s easy to turn ‘off’ their debit card from their smartphone, and then turn it back ‘on’ when they want to use it. The CardValet launch is part of Greylock’s commitment to adding value for our members.”